Rich Privorotsky, head of Goldman Sachs' trading desk, stated bluntly that long-dated US Treasuries "remain completely unloved," and despite the latest PCE data coming in below expectations, it had little substantive impact on the trajectory of long-term government bond yields. He pointed out that the real pressure currently remains concentrated at the far end of the yield curve, and the expected volatility of long-dated Treasuries has clearly decoupled from anxiety in the short-term interest rate market. Currently, the US 10-year Treasury yield has risen to 5.34%.

Florian Roger of BNP Paribas CIB stated that he considers 5.5% to be the critical point at which the US 10-year Treasury yield would exert substantial pressure on the stock market. Bloomberg macro strategist Simon White, however, cautioned that investors should not be misled by seemingly low valuations, as the historical trend of US Treasuries suggests that yields may not have bottomed out yet. Furthermore, the US Treasury Department's hiring of Jefferies Chief Market Strategist David Zervos as an advisor this week has fueled market expectations of policy intervention, but White believes this is not a sufficient reason to buy.