10-year Treasury yield hits highest level since 2002

The US 10-year Treasury yield has now climbed to the highest level since 2002 at 5.34%. We're already there at the 30-year. Now the 10-year has followed suit cracking back to that 2002 level. So, we are feeling that heat on a daily basis at the long end of the curve. The drivers, we've been talking about it. It feels like there are moving pieces here. We had the oil price very much dominating the activity we're seeing on bond markets. That segued to the growth story that we're seeing in spades. Discuss the nominal growth that is playing out in the United States thanks to the AI story. That seems to be another trigger for yields. And of course, in the backdrop of the ever-rising debt pile with no seeming plan to to tackle any of this has been something that the bond markets have focused in on.