The yield on the U.S. 5-year Treasury reached 5% for the first time since 2007, marking a sharp increase in intermediate-term borrowing costs. REITs face higher financing expenses, which could weigh on profitability and make their dividends less attractive compared with fixed-income investments. U.S. REITs declined 0.56% on November 6 as the market adjusted to the new rate environment. Prediction markets now assign a lower probability to the yield falling below 4.10% before 2027, suggesting that elevated rates may persist in the near term. Federal Reserve guidance, inflation and gross domestic product data, Treasury auction results, and fiscal policy announcements will be closely watched.
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