The 10-year Treasury yield surged to 5.23% on Friday, reaching its highest level since 2007. Sticky inflation and expectations for higher interest rates are contributing to the move, but Macquarie’s Thierry Wizman says heavy government and corporate bond issuance has become a larger driver this year. Increased borrowing by major technology firms for artificial-intelligence infrastructure is adding to bond supply, while stronger economic growth and persistent inflation continue to pressure yields higher. The article identifies the market instrument as US10Y.