Yield above 5%, Oil near $90, and Bitcoin: 3 Charts Testing the Stock Rally

The 10-year Treasury yield remains above 5%, with a current level of 5.283%, the highest since 2002. This comes after softer labor-market data reduced expectations for another Federal Reserve rate hike. The two-year Treasury yield, more sensitive to expectations for Fed policy, stands at 4.839%, about 0.84 percentage point above the top of the Fed's current 3.75%-4% target range. Markets now see a 20% probability of another rate increase at the Fed's October monetary policy meeting, according to CME FedWatch.

Oil prices are also in focus, with WTI crude trading near $91 a barrel and Brent ending last week above $102. Higher energy prices could add to inflation pressures and complicate the Fed's policy outlook. Fed Chair Kevin Warsh cited an energy shock tied to the Iran war when the central bank raised rates in September.

The Federal Reserve's minutes from its September meeting, to be released on Wednesday, will offer a closer look at the debate behind the rate decision. Sixteen of 18 officials had projected at least one more rate increase this year. Minneapolis Fed President Neel Kashkari told Bloomberg Television last week that he does not know how high rates will have to go to cool prices.