The 10-year U.S. Treasury yield briefly approached 5.4% this Wednesday, marking its highest level since 2002 and indicating that the interest rate shock has spread globally beyond U.S. borders. UK borrowing costs have risen to a 19-year high, with French government debt pressure simultaneously increasing. In credit markets, yields on bonds issued by the weakest borrowers have reached approximately 15%, while U.S. high-yield corporate bond spreads have widened recently. Junk bond ETFs have fallen to near their lowest levels since the market sell-off triggered by the spring banking crisis earlier this year.