For a while now (since at least 2008), the primary objective of Fed policy has been to keep the deficit “managable”. It is doing this by keeping interest rates near zero as to minimize interest payments on the deficit. There are a lot of consequences to this, including the hoarding of $$ by corporations and banks. In addition, it is a huge (stealth) tax on savers.
If the 10Y treasury every goes above 5%, its game over.
Absolutely.
keeping interest rates near zero as to minimize interest payments on the deficit
Neither the debt nor the deficit are getting any smaller.
If the 10Y treasury ever goes above 5%, it's game over