10-year Treasury yield hits 5.34%, highest since 2002, settles at 5.237%

The 10-year U.S. Treasury yield hit 5.34%, its highest since spring 2002, Reuters reported, then eased to 5.237%, down 5.65 basis points — hundredths of a percentage point. The yield is the benchmark that sets mortgages and corporate borrowing costs. Higher yields mean pricier loans, but better payouts for new bond savers.