Yields surge as bond market tests Washington's borrowing-cost tolerance
U.S. Treasury yields climbed to around 4.56% (peaking near 4.69%), lifting borrowing costs across mortgages and business credit amid ongoing geopolitical tensions and stubborn inflation; while White House and some officials say the spike is temporary, investors worry yields could rise further toward 5%, potentially weighing on housing, consumer spending, and the economy ahead of the midterms.