Wall Street Confronts Prospect of New Era After Treasury Yield Hits 5%

Investors weigh whether the 10-year note’s yield will decisively break through the thresholdThe last time the yield on the 10-year Treasury note rose above 5%, the U.S. economy was dealing with pandemic aftershocks. This time, the main culprit is a war with no clear end in sight.Escalating fears over energy prices and inflation drove the 10-year yield above 5% Monday, a pivotal milestone that is forcing investors to confront whether the bond market is entering a new era.The answer is set to have sweeping implications for consumers and businesses alike—and could end up playing a role in the coming midterm...