The 10-year US Treasury yield becomes the global asset pricing benchmark, influenced by multiple factors.

Mike Sanders, Head of Fixed Income at Madison Investment Company, stated that investors are closely watching the 10-year U.S. Treasury yield because it is regarded as the foundational "risk-free" yield benchmark, with the valuations of almost all assets worldwide referring to it. Sanders pointed out that traditionally, the 10-year Treasury yield primarily reflects expectations for economic growth and inflation, but in recent years, other factors have become increasingly influential, including the Fed's policy trajectory, energy prices, fiscal deficits, and overseas investor demand. He said, "When the Fed adjusts short-term policy rates to curb inflation or stimulate economic growth, the market-determined 10-year Treasury yield often reflects how effective Fed policy has been."