10-year Treasury yield pushes toward 5%, oil above $104 before CPI

The 10-year US Treasury note yield is now pushing toward 5.00%, extending a rapid advance. The latest leg occurred within roughly eight hours, according to the post, while US oil prices traded above $104 per barrel.

The next major catalyst is US CPI inflation data due tomorrow. The post warns that a hot inflation print could trigger a sharp negative market reaction.

It also argues the US economy cannot afford higher rates and that "something has to give" as yields and energy costs rise.