The 10-year Treasury yield closed at 5.24% on Monday, its highest close since June 2007, after passing a 19-year high last week. Ram Ahluwalia, founder and CEO of Lumida Wealth and a co-host of Bits + Bips, said the selloff behind it is close to running its course.

“So this is just getting to like technical panic selling of bonds,” Ahluwalia said on the show Monday. “I think you’re gonna see this top out soon. I don’t think rates are gonna blow out.”

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Ahluwalia Favors Utilities Over Bonds

Ahluwalia said “the better thing to do is instead of buying bonds, is look at rate-sensitive securities such as utilities and financials.”

He called utilities bond proxies, whose value comes from long, steady cash flows that are worth less when rates rise. He said the sector’s drop reflects rates rather than weaker businesses. “The earnings from these companies haven’t dropped. It’s just rates.”

He pointed to October 2023, the last time before this month the 10-year pushed toward 5%. It closed at 4.98% on Oct. 19 that year. Ahluwalia compared the two moments: “So here we are almost to the day, to the week, a few years later.”

The Case for Higher Rates

Co-host Austin Campbell, founder of Zero Knowledge Group, laid out why bond traders may be worried. He said they may be pricing in inflation from government spending, including on Social Security. He said he was not taking a strong view himself, only describing what some in the market expect. “I think this is the classic sort of conflict between rates and equities, and one of them is wrong.”

Ahluwalia said he agreed, and called the move a “technical overshoot.” He added, “I wouldn’t read too much into it.” He said “There is a case to be made for higher long run rates.” He cited inflation, stubborn house prices and higher returns on capital, which he called “the bull story.” Setting inflation aside, he said, “the rates are going up for the right reasons overall,” with AI investment adding about a point and a half to GDP.

Campbell noted on the show that as yields climbed, spot bitcoin ETFs took in $2.39 billion in the week to Sept. 25, their largest weekly inflow since early October 2025.

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