US 10-Year Yield Hits 5.34%, Highest Since 2002; Equities Set to Fall

Bond yields have surged, with the US 10-year reaching 5.34%, a level not seen since 2002, pressuring equities after record highs. The rise reflects persistent inflation and expectations of further Fed tightening, though the exact trigger is unclear. This marks a significant shift in market conditions, potentially signaling a sustained period of higher rates.