The 10-year U.S. Treasury yield reached 5.041% Tuesday morning, its highest intraday level since July 2007 and the first close above 5% in more than 19 years. The yield, which influences consumer borrowing costs, tracks closely with the average 30-year mortgage rate, which reached a 14-month high of 6.76% last week. Higher Treasury yields can also raise auto and student loan rates. Investors have moved away from global bonds this summer as mounting public debt and higher oil prices linked to the Iran war add to economic uncertainty. The 10-year yield is more than a percentage point above its close on the day before the U.S. and Israel launched the Iran conflict, while the 30-year Treasury yield closed near 5.37%, up about 74 basis points, or 0.74 percentage point, over the same period. Treasury Secretary Scott Bessent has tried to reduce longer-term yields by expanding government buybacks of 10- to 20-year securities. The Treasury bought nearly $5.2 billion of those bonds last Thursday, but yields have not yet fallen. Bessent defended the policy before the House Financial Services, saying the Treasury had conducted its "two most successful" auctions of the past two decades since the change. The 10-year yield’s rise came a day before the Federal Open Market Committee, the Federal Reserve panel that sets interest rates, was due to decide whether to cut, hold or raise rates. CME FedWatch data showed traders pricing in a greater than 92% chance of a quarter-point increase.