Does the Fed decision even matter if the 30-year stays above 5%?

The Fed held rates yesterday, but the 30-year Treasury still moved to around 5.23%, the highest level since 2007. Most of the discussion I’m seeing is still about whether the Fed hikes another 25bp in September. I’m starting to wonder how much that actually matters if long-term borrowing costs are already above 5%. That seems like a bigger issue for mortgages, REITs and heavily indebted companies than one more small Fed move. Banks are the part I’m less sure about. A steeper curve should help in

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