HIGH CONCENTRATION RISK IN U.S STOCKS 3/3

The U.S. Treasury market faces a systemic shock as the Fed's rate hike pushes 10-year yields above 5.25%. Foreign central banks are reducing Treasury purchases due to prohibitive hedging costs, while massive federal debt issuance forces domestic markets to demand higher term premiums. At the same time, mega-cap tech bond issuances for AI infrastructure are crowding out capital for regional banks and commercial real estate. Furthermore, this sustained upward shift in long-term borrowing costs threatens to impose prolonged financial friction on capital-intensive sectors across the broader domestic economy.