A sharp US Treasury selloff lifted borrowing costs and pressured equities, with the 10-year yield reaching 5.223% intraday and the 30-year yield 5.501%. The benchmark 10-year yield eased to 5.17% on Friday after rising about 23 basis points over the preceding three sessions to around 5.20%, as lower oil prices offered some relief. The average 30-year fixed mortgage rate rose to 7.45%, up 150 basis points in six months and its highest level since 2023. The Dow fell 161.61 points, or 0.31%, to 51,349.98 for a third consecutive session. Markets put the probability of a 25-basis-point increase at the Federal Reserve's next meeting near 70%, while swaps priced three further quarter-point increases over the following year. Demand was robust at Tuesday's two-year Treasury auction but unexpectedly weak at the five-year sale, highlighting investor concern over persistent inflation, resilient economic activity and the US fiscal outlook.