Tom Lee, Chairman of BitMine, emphasized the impact of rising U.S. Treasury yields on the market during a recent webinar. Since Kevin Walsh's first Federal Reserve press conference last week, the market has been adjusting to his statements. While oil prices have decreased from wartime highs, with WTI crude at $74, indicating a fading war premium, the 10-year Treasury yield has climbed from 4.2% to 4.5% since February. Lee noted that the primary market headwind is the upward trend in Treasury yields, not just the 10-year yield, as the market anticipates necessary Fed rate hikes. Federal funds futures suggest nearly two rate hikes by year-end, with Bank of America predicting three hikes in September, October, and December. Lee cited Gundlach's observation that the spread between the two-year Treasury yield and the federal funds rate has turned positive at 0.6%, indicating the Fed needs to raise rates by 60 basis points to align with the yield curve. This widening spread over the past month underscores the pressure from rising Treasury yields.