The 10-year Treasury yield climbed toward the psychologically important 5% level, its highest since 2007, amid a global bond selloff. Markets are pricing roughly a 58-70% chance of a Fed rate move at the Sept. 16 meeting after hot PPI data.
Matters because: Rising yields can compete with risk assets for capital and may pressure crypto valuations if the trend continues, even as some analysts argue Bitcoin is trading more like a fiscal-debasement hedge.