The text discusses the recent rise in long-term Treasury yields and its potential impact on interest rates and the economy. It mentions that the Federal Reserve's plan of keeping interest rates high for a prolonged period of time to control inflation may be unnecessary as the rise in yields could achieve the same goal. The text also highlights the implications of elevated Treasury yields for American consumers, such as higher car loans, credit card rates, and mortgage rates. It mentions that the increase in yields is driven by strong economic growth, elevated inflation, increased government debt issuance, and geopolitical tensions. The text emphasizes that investors should pay attention to the data and respect the lag of tightening monetary policy. Additionally, the text discusses the frozen housing market in the US, with home sales dropping to a 13-year low due to surging interest rates and climbing home prices. The high cost of homeownership is seen as a barrier for many people, and there is a shift in the composition of homebuyers, with a decrease in first-time buyers and an increase in all-cash buyers. Finally, the text mentions that Snapchat is trying to generate more revenue beyond its teenage user base.
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