U.S. Treasury yields return to the discussion table, with the 30-year yield soaring to 5.20%. This is not noise; the market is voting in the most direct way. Powell takes over the Federal Reserve, bringing an end to the era of "data dependence." In the new chairman's first statement, the most important thing to watch is not hollow dovish rhetoric, but whether he dares to admit that high interest rates may need to be maintained for a longer period.