Shea Levin — text status

The 10-year U.S. Treasury yield hit 5% Monday morning for the first time since 2023, as surging oil prices and widening instability in the Middle East fueled renewed concerns over inflation, The Wall Street Journal reports. Brent crude approached $110 a barrel following drone attacks that forced Saudi Arabia to shut a key oil pipeline. The 10-year yield, which influences borrowing costs across the U.S. economy, has topped 5% only one other time since 2007. The Federal Reserve is expected to raise interest rates Wednesday for the first time this year.