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The benchmark 10-year Treasury yield has climbed to its highest level in nearly two decades, driven by sticky inflation, heavy government bond issuance, and an AI-fueled investment boom pulling capital into riskier assets. Analysts note that historically, financial calamities have followed periods of rapid rate increases, warning that 'something always breaks' when yields spike this quickly. The rise in long-term borrowing costs is being watched closely for its potential to strain highly leveraged sectors, including real estate and regional banks, and for its implications for equity valuations broadly.