10-year Treasury yield climbs above 5.3% to a level not seen in 24 years

The bond market keeps turning back the clock. Relentless selling pressure pushed the yield on the 10-year U.S. Treasury note above 5.3% Wednesday—blowing past its 2007 peak to reach its highest level since 2002, according to Tradeweb. The milestone is particularly notable because it hints that U.S. borrowing conditions haven’t just returned to a pre-2008-2009 financial crisis normalcy, as some inv...