According to The Kobeissi Letter, higher yields are typically bearish for the stock market because rising borrowing costs slow economic activity, especially during periods of heightened uncertainty. Current concerns over the tax bill and US deficit spending further amplify market caution (source: @KobeissiLetter, May 21, 2025). For cryptocurrency traders, this macroeconomic instability can trigger increased volatility as investors may seek alternative assets like Bitcoin and Ethereum, or stablecoins as safe havens. Watch for potential capital inflows or outflows in the crypto market as traditional equities react to shifting yield dynamics.