As 10-year Treasury yield hits 5%, debt hawks are eyeing a national debt spiral: ‘If this isn’t a wake-up call, I don’t know what will be’

10-year U.S. Treasury yields have topped 5% — a symbolic milestone that signals growing market nervousness despite a recent Treasury buyback.
Higher long-term rates are already making borrowing pricier (new mortgages near 7%) and could sharply raise U.S. interest costs, worrying budget hawks about a potential fiscal squeeze.
The rise reflects global inflation and Middle East tensions as much as U.S. fiscal policy, and experts disagree on whether it’s a temporary shock or a lasting problem.