US 10Y yield breaks 4.90%, up 95bp since Iran escalation

The US 10-year Treasury yield exceeded 4.90% for the first time since November 2023, rising 95 basis points since Middle East tensions escalated and 10bp since the Treasury tripled long-term buybacks to $6 billion. Higher yields increase borrowing costs across the US economy and signal rate-market repricing. USD pairs, particularly USD/JPY and EUR/USD, are sensitive to US yield moves; higher yields typically support dollar strength, offsetting growth concerns that weigh on risk sentiment.