US 10-year yield reaches pre-financial crisis levels, breaking October high

The US 10-year yield has reached its highest level since before the financial crisis, breaking the October high and rising to 4.35%. There is speculation that 4.50% could be the next level to watch. This increase in yields has impacted the S&P 500, bringing it back to flat, and has also caused the US dollar to strengthen. The market's reaction to higher rates raises concerns about a potential structural regime of higher rates or uncertainty regarding China's bond holdings.