The U.S. bond market, that ancient and unsentimental arbiter of collective economic belief, has pushed 10-year Treasury yields to their highest point since 2023 — a quiet but consequential signal that investors no longer expect cheap money to be the permanent condition of modern life. The climb reflects a market reckoning with the possibility that inflation has not fully retreated and that the Federal Reserve may hold rates higher for longer than many had hoped. Like a tide that reshapes the shoreline gradually and then all at once, these yields touch nearly every corner of the economy, from t