The 10-year U.S. Treasury yield rose to 4.97% on Friday, its highest level since 2023, as bearish bond investors pushed benchmark yields toward the closely watched 5% mark ahead of U.S. inflation data. The yield has climbed 18 basis points this week, with markets weighing rising oil prices and persistent inflation pressures. The upcoming CPI report is expected to shape expectations for the Federal Reserve’s September 16 rate decision, with traders pricing in about a 70% probability of a rate hike.