Oil and 10-year Treasury yield in lockstep at strongest correlation since 2019

Oil and the 10-year Treasury yield moved in near lockstep in mid-September, correlation strongest since 2019, CNBC reported. The 10-year — the government's 10-year borrowing rate — hit 5.041%, highest since 2007 per Reuters, amid surging oil and inflation fears that weighed on stocks. I'd expect sustained crude gains to keep borrowing costs elevated.