The theoretically risk-free global asset that guides the valuation of all financial and real estate assets worldwide is the U.S. ten-year government bond. Its interest rate volatility has been baked in for a significant period of time, amidst a scenario of erratic inflation and a potential Trump presidency. The rate has risen substantially in the last few weeks and is now at a five-month high, at around 4.63%. Is this a sustainable level? Could this notable increase derail the valuation of all global financial and real estate assets? This briefing, published today, sets out what a sustainable level could look like in the medium term and why.