The Globe and Mail reports in its Thursday edition that the world's most influential bond yield surged decisively above 5 per cent on Wednesday as more signs emerged of growing inflationary pressures in the United States, sending stocks and fixed income portfolios tumbling. The Globe's Darcy Keith writes that the benchmark U.S. 10-year yield briefly rose to near 5.14 per cent, back to where it was in 2007 before the global financial crisis caused yields to crater. The Canada five-year yield, closely followed for its impact on fixed mortgage rates and GICs, hit its highest since 2024. Bond yields were higher across the curve -- from short-term tenures to long term -- an indication that traders were bracing not only for rate hikes but also for inflationary pressures to linger. All three major U.S. equity indexes weakened, with losses for the S&P/TSX Composite Index -- heavily weighted toward materials and interest-sensitive stocks that tend to weaken when yields rise -- outpacing Wall Street. It closed down 584.18 points marking its biggest one-day decline since June 5. Meanwhile, crude oil prices gained as Iran's President said Tehran would never surrender to U.S. pressure. Brent rose to $103.50 (U.S.) per barrel.