Deutsche Bank has raised its year-end forecast for the 10-year Treasury yield from 4.45% to 4.70%, arguing that Fed Chair Kevin Warsh has effectively ended the rate-cut cycle. The 10-year yield has already climbed from 3.8% in February to around 4.45%, while markets now assign less than a 40% chance of another rate cut this year. The bank believes investors are still underestimating how hawkish the Fed could remain if inflation stays sticky. A move toward 4.7% would likely keep pressure on rate-sensitive sectors such as real estate and utilities, while supporting the dollar and tightening financial conditions across the economy. My take: the key message isn't the 4.7% target itself, but the shift in expectations. Just a few months ago, markets were debating how many cuts the Fed would deliver; now the conversation is whether rates stay higher for longer—or even move higher. If that narrative sticks, bonds and equities may need to reprice accordingly.