Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment

The article analyzes why the 10-year Treasury yield has risen to 4.7% despite Fed rate cuts, driven by sticky inflation expectations, strong economic growth, and inflationary pressures from Trump tariffs. It provides detailed SaaS valuation benchmarks showing median revenue multiples of 6.2x overall and 18.8x for top-tier companies, with commentary on how rising rates impact software company valuations and investor risk appetite.