Fidelity: Long-term bond yields are on the move again, with the 10-year yield well into the danger zone at 4.73%. As I have written many times, recent history suggests that nothing good happens above 4.5%. Why are yields rising? Is it a reverse “crowding out” effect, where instead of excessive government borrowing crowding out the private sector, it’s the insatiable AI borrowing crowding out Treasuries? Is it the fear that a hawkish-sounding Fed will not match its words with action? Or is it the inevitable consequence (intended or not) of a less transparent Fed? Less transparency means more uncertainty, and more uncertainty usually means high risk premia. Either way, we have a bear steepening on our hands.