On the eve of the Federal Reserve decision, the 10-year U.S. Treasury yield stands at the key 5% level.

On the eve of this week's Federal Reserve meeting, the U.S. benchmark 10-year Treasury yield rose to the key psychological level of 5% on Monday, the first time in nearly three years, with the market widely expecting the Fed to raise interest rates to curb inflation. Data last Friday showed that U.S. consumer prices accelerated in August, intensifying market expectations that the Fed will raise interest rates to curb inflation. Tom di Galoma, managing director at Mischler Financial Group, said this "may be the last straw that breaks the camel's back." Over the past month, yields have continued to rise amid growing rate hike expectations, increased supply of corporate and government debt, optimistic economic growth prospects, and concerns about the long-term U.S. fiscal path. Galoma said: "Our budget, deficit, and overall debt structure are still continuously expanding." Going forward, whether the 10-year Treasury yield can hold steady at the 5% threshold will become a key touchstone for testing whether the economy and stock market can support higher interest rate levels.