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The yield on the 10-year Treasury note briefly eclipsed 5% this week amid signs that the Federal Reserve might end up keeping interest rates high for longer, portending higher borrowing costs for the federal government and for households.
Benchmark 10-year Treasury yields briefly reached as high as 5.029% this week, up about 1.2 percentage points from July alone. That is the highest the yield has been since 2007, just before the onset of the Great Recession.