10-Year T-Note Yield Breaks 5% for First Time Since 2023

The 10-year Treasury yield surpassed 5% for the first time since 2023, driven by surging oil prices and investor caution ahead of the Fed's policy decision. This marks a return to levels last seen during the 2007 subprime crisis, signaling heightened inflation concerns and testing Fed credibility. The move suggests market expectations of persistent inflation and potential policy tightening, with implications for global borrowing costs.