One day. Every market.

That is where the 10-year Treasury yield closed on Friday, up 5 basis points on the day and 29 basis points on the week, the largest weekly gain in 19 months, the Wall Street Journal reported, with the 2-year ending at 4.87% after a 35-basis-point weekly rise. It is the key number because it is the price against which everything else here is discounted: it kept a December increase fully priced even after a producer-price print below forecast, carried the dollar to its strongest since April 2025, and is the rate borrowers, from homebuyers to the companies financing the AI buildout, actually face. It matters more than the chip selloff because that was a rotation inside one trade, while the yield repriced every asset at once. A decisive move in Tuesday's retail sales report, if it printed weak enough to pull the 10-year back below 5%, would make that release the more important signal.