US 30Y Yield Hits 5.5%, Highest Since 2004; Stocks Flat

US long-term yields surged to multi-decade highs (30Y at 5.50%, 10Y at 5.22%), pressuring equities into a lackluster close. Rising inflationary pressures, partly attributed to Middle East conflict, are driving the move. This signals sustained higher-for-longer rates, a headwind for risk assets.