In this week's episode of WSJ’s Take On the Week, co-host Miriam Gottfried is joined by guest co-host and WSJ markets reporter Sam Goldfarb to break down the unprecedented surge in the 10-year Treasury yield. Meghan Swiber, U.S. rates strategist at Bank of America, joins the show to discuss what influences these yields, and how a 5% yield affects everyday borrowing costs including mortgage rates, which are again topping 7%. Swiber unpacks the Treasury Department's surprising buybacks, and how this strategy compares to the actions the Federal Reserve took to mitigate the effects of the last financial crisis. Plus, how is the market reacting to the Fed, which is trying to battle inflation by hiking rates? Chapters: 1:45 – How Did The 10-Year Treasury Hit 5%? 4:52 – Mortgages & Corporate Bonds 9:17 – What Makes a Treasury Yield? Term Premium Explained 13:09 – Treasuries as a Portfolio Diversifier 15:02 – The Iran War, Oil & Strong U.S. Growth 18:25 – $40 Trillion Debt, Deficits & Treasury Bills 22:47 – Reading Warsh and the Fed 28:01 – Bessent's Bond Buybacks 32:14 – What It All Means for Investors This is WSJ’s Take On the Week where co-hosts Telis Demos, writer for WSJ’s Heard on the Street, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. 🎧 Prefer just the audio version? Subscribe and listen on Apple Podcasts, Spotify, Amazon Music, or wherever you get your podcasts: https://on.wsj.com/3LBGo5Q?mod=WSJ_TOTWPOD #WSJ #Bonds #Yields