US 10Y above 5%: strategist sees limited room before equities break

US 10-year Treasury yields have clearly exceeded 5%, a level long flagged as a pain threshold for equities. DNB Carnegie chief equity strategist Karl Hedberg suggests there is still some room for rates to rise before stocks face serious trouble, implying a higher tolerance than previously assumed. The key uncertainty is how much further yields can climb before valuation multiples compress and risk appetite deteriorates.