The 10-year Treasury yield, recently trading near 5.20-5.24% after spiking above 5.34%—its highest since 2002—reflects trader focus on resilient U.S. growth, sticky inflation, and expectations for additional Federal Reserve tightening beyond the September 25-basis-point hike. Heavy Treasury issuance, AI-driven corporate borrowing, and fiscal deficits have lifted real rate expectations and term premia, pushing yields higher even as core PCE showed some moderation. A softer-than-expected jobs report and risk-off flows provided temporary relief on October 2, but upcoming nonfarm payrolls data, inflation releases, and FOMC communications remain key swing factors that could drive further moves before month-end.