10-year Treasury yield is at its highest in 19 years. How we got here

Investors were rattled this week as the benchmark 10-year Treasury yield soared to its highest level since 2007, but sticky inflation is just one of the factors behind this latest surge.

The key 10-year Treasury yield , which influences mortgages, leapt to 5.23% on Friday for its highest level since 2007. It was the latest leg higher for the benchmark yield, which earlier this month was trading just below 4.8%. Bond yields and prices move inversely to one another.

The 10-year yield's rapid climb above 5% shows how quickly investors' expectations have shifted toward additional tightening from the Federal Reserve in light of stubborn inflation. Fed funds futures trading shows a 64% likelihood of a rate hike in October, according to the CME FedWatch tool.