10-year Treasury yield has jumped from just under 4% in March to 5.17% now. That's a massive move in a short window — 120+ basis points in roughly two months. Bond market is screaming something, whether it's inflation fears, deficit concerns, or just repricing of risk. Either way, this kind of rate spike changes the math on everything: mortgage rates, corporate borrowing costs, equity valuations, you name it. If you're not paying attention to the bond market right now, you're missing the most important signal in finance.