Finance

U.S. Treasury yields held relatively steady to wrap up a highly volatile week that pushed long-dated borrowing costs near historic highs. The benchmark 10-year Treasury yield finished at 5.24%, while the short-term 2-year note closed near 4.80%. Analysts noted that high energy costs and ballooning national public debt are driving warnings that the 10-year yield could ultimately target the 6% threshold.

Crude oil prices saw persistent volatility following reports of fresh attacks on marine vessels operating near the critical Strait of Hormuz. Gains were somewhat capped after statements from President Trump indicated that military actions targeting Iran would not take place before the next month's midterm elections. Even with temporary relief from the political developments, Brent crude managed to close out the session well above $100 per barrel.

The University of Michigan's preliminary survey revealed that domestic consumers are increasing their projections for inflation over the year ahead, lifting the estimate to 4.7%. High living costs are dragging heavily on confidence levels, especially for lower-income households with minimal market exposure. This rising concern underscores a widening gap in the economic landscape as higher prices weigh heavily on general public sentiment.