10-year Treasury yield hits 5.34%, first time since 2002

The 10-year Treasury yield — the interest rate the U.S. government pays to borrow for a decade, a benchmark for mortgages — rose as high as 5.34%, the Boston Herald reported Oct. 2, its first time at that level since 2002. I see this as higher borrowing costs persisting alongside tight financial conditions, not just strong growth.