The 10-year Treasury yield, a benchmark rate for U.S. government borrowing and global asset pricing, has moved above 5% this month, prompting investors to consider whether 6% is becoming the next major threshold for financial-market stress. The breach has so far been brief, and BlueBay Asset Management's head of market strategy, Mike Bell, said the level is a relative psychological marker rather than an automatic trigger. The key comparison is between Treasury yields and the earnings yield on stocks, which Bell said is approaching an inflection point that could precede an equity selloff. Historical precedents include a halving in MSCI's main world stocks index after the 10-year yield last broke 5%, shortly before the global financial crash, and a similar slump after a near-6.8% rise helped burst the dotcom bubble. JP Morgan analysts said structural changes, including the larger roles of AI, healthcare and services, may have made companies less sensitive to borrowing costs, potentially raising the stock-market breaking point to 5.5%-6.0%. A rise to 6% would represent a major repricing across the $29 trillion Treasury market and could reflect higher inflation expectations, concerns about U.S. fiscal sustainability, expectations for prolonged high interest rates, or a combination of those factors. Higher Treasury yields also threaten emerging markets by strengthening the dollar, diverting capital and increasing the cost of servicing dollar-denominated debt. Investors have already reduced exposure to emerging-market funds, while sovereign issuance has been lighter this month. The broader concern is that sustained yields above 5% could force markets to adjust to a permanently higher cost of capital.