10-year US Treasury yield crosses 5% for first time since 2007
The benchmark borrowing rate has reached a level not seen in more than 16 years, raising borrowing costs across the global economy.
The yield on the 10-year United States Treasury note climbed above 5% on Monday, a threshold it has not breached since 2007, marking a significant moment for global financial markets and underlining the sustained pressure of elevated interest rates on the world's largest economy.
The move is closely watched because the 10-year yield serves as a benchmark for a vast range of borrowing costs, from home mortgages to corporate loans. A sustained rise at this level is widely expected to tighten financial conditions further for households and businesses across the United States and beyond.
The milestone comes as investors continue to grapple with the prospect that interest rates may remain higher for longer than previously anticipated, weighing on equity markets and prompting a reassessment of asset valuations worldwide.
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