00:00The yield on the 10-year Treasury note has climbed above 5%, its highest level since 2007.
00:06The benchmark rate touched 5.041% on Tuesday afternoon, a 19-year high.
00:13Because this yield sets the tone for mortgages, auto loans, and business borrowing,
00:17higher costs are likely to follow for consumers and companies.
00:21The 30-year yield rose to 5.368%, and the two-year reached 4.665%.
00:29Traders now see a 94% chance the Federal Reserve raises rates at Wednesday's meeting,
00:34and both Morgan Stanley and Goldman Sachs drop their forecast for a hold.
00:39The full story is in the description below.
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