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10-year Treasury yield above 5.025%
U.S. 10-year Treasury bond yields rose above 5.025%, reaching the highest level since 2007. This reflects pressures on the U.S. bond market due to inflation concerns and rising expectations that interest rates will stay high for a longer period. The increase in yields caused a decline in stock markets, while oil prices rose to their highest levels since May, reaching $104.95 per barrel. Consequently, mortgage borrowing costs in the United States increased to levels not seen in 13 months.
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