10-Year Treasury Yield Hits 5.039% Intraday, Highest Since 2007, Then Pulls Back

The retreat after the 5% touch suggests the level itself is drawing buyers rather than triggering capitulation, which matters more for risk assets than the intraday high. The 2s10s spread staying positive and widening slightly indicates the move is driven by term premium and long-end supply concerns, not a repricing of near-term rate expectations — a distinction that separates a duration problem from a growth problem. The open question is whether yields hold above 5% on a closing basis; repeated intraday breaches that fail to stick would signal a market still fighting the level rather than accepting it.