A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for the first time in 16 years, a milestone that has rattled stocks, lifted mortgage rates and fueled fears of an economic slowdown.

A deepening selloff in the U.S. bond market drove the yield on the 10-year U.S. Treasury note to 5% for the first time in 16 years, a milestone that has rattled stocks, lifted mortgage rates and fueled fears of an economic slowdown.