What does it mean when the 10-year U.S. Treasury yield approaches 5%?

For international financial markets, a 10-year U.S. Treasury yield above 5% will prompt investors to reassess the allocation value of equities relative to bonds, "siphoning off" a large amount of capital that might otherwise have flowed into riskier assets such as stocks, thereby weighing on equity valuations and even driving another round of global capital reallocation. For this reason, whether the 10-year U.S. Treasury yield breaks through 5% will have implications not only for the global bond market, but may also spill over into the global liquidity landscape and the logic of asset pricing, warranting sustained close attention.