Year Treasury yield hits 5%, critical threshold for US economy and markets | CNN Business

The 10-year U.S. Treasury yield jumped to 5% on Monday, a level briefly seen in 2023 and not otherwise reached since 2007. The move threatens to raise borrowing costs across the economy, affecting Americans seeking mortgages, car loans or other credit. Bond yields have surged despite efforts by Treasury Secretary Scott Bessent to calm the market. Investors have been selling government bonds—part of a roughly $32 trillion Treasury market—amid concerns ranging from high energy prices and expectations of central bank rate hikes to uncertainty over the war with Iran and continued government spending. Mortgage rates have risen as the 10-year benchmark climbed, with the average 30-year fixed rate at 6.76% last week.