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The 10-year Treasury yield is inches away from 3%, a level that could cause shock waves in the financial markets

Thomas Franck

The yield on the benchmark 10-year Treasury note started the week on a tear, jumping to 2.99 percent and toying with the key 3 percent level that could trigger a reaction across global financial markets. The yield on the 30-year Treasury bond was higher at 3.167 percent. The benchmark for mortgage rates and other financial instruments has jumped in April on signs of increasing inflation and as the Federal Reserve signaled more rate increases are to come this year.