U.S. Treasury yields did move into the 5–7% range after August 2023: the 10‑year yield crossed 5% on October 19, 2023, and shorter maturities such as the 5‑year were already around or above 4–5% in early August 2023. (cnbc.com) However, instead of broad U.S. equity valuations falling relative to prior levels, the S&P 500 rose sharply: from 4,478 on August 4, 2023 to the mid‑6,000s by late 2025, a total return of about 52%. (wellergroupllc.com) Forward valuation multiples also expanded rather than contracted: the S&P 500 forward 12‑month P/E was about 19x in mid‑2023, then moved above 20x in early 2024 and reached roughly 22x by late 2025, all well above its 5‑ and 10‑year averages. (lipperalpha.refinitiv.com) This means that even though Treasury yields reached the predicted range, equity discount rates (as inferred from prices and earnings) did not rise enough to drive market valuations down versus their earlier levels; instead, valuations became more stretched. Thus the prediction that higher Treasury yields in the 5–7% range would cause the stock market to go down on a relative basis was not borne out by subsequent data.