The benchmark 10-year Treasury yield climbed to about 5.34%, its highest since 2002, extending a global bond rout that is raising borrowing costs across mortgages, corporate debt and government budgets.
Why it matters: this is one of the morning’s consequential developments because its effects extend beyond a single headline—into household borrowing costs, Atlanta’s postseason, or the global energy market.
What to watch next: the next concrete data point, decision, result or implementation step will show whether this develops into a durable shift or remains a one-day story.