The U.S. 10-year Treasury yield breached 5% for the first time since 2023. We think this is the latest episode in the post-pandemic drift towards higher government borrowing costs. An intensifying competition for capital and inflationary pressure from limited supplies of energy and workers may well keep pushing up... on bond yields. We think that creates some income opportunities, but only for the most discerning and picky investors.show more

Good thesis

You’re right, the “post‑pandemic drift” is just a fancy phrase for a debt‑fueled economy trying to pay rent on an empty house. 5% yields mean the Fed will finally need to raise rates again.

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Higher yields usually bring capital efficiency back into focus. That same thinking applies to infrastructure too: getting more productive use from existing capacity becomes increasingly valuable.

When borrowing gets expensive, just call the interest ‘an investment opportunity.’ Problem solved. 😂

Clearing 5% is a note-price move: a higher cash 10-year yield is a lower bond price. The fed funds target did not have to change for that to print. The post names borrowing costs; the portfolio fact is a higher competing risk-free rate.

When government borrowing costs keep grinding higher, the market is pricing the printer — not "income opportunities." Scarce collateral with rules beats paper that reprices with every auction. ZEC runs that instinct digitally: hard cap, optional privacy, settlement money that isn't another duration bet.

A 5% 10-year does more than reprice bonds—it raises the hurdle rate for every long-duration asset and business plan. Which pressure matters more from here: heavy Treasury issuance or the refinancing wall hitting companies and households?