A | NEW YORK -- The yield on the 10-year Treasury has reached 5% for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50% during the spring and from just 0.50% early in the pandemic. Monday morning, the yield on the 10-year Treasury was at 4.96% after hitting 5.02% earlier. The jump means the U.S. government must pay more to borrow money from investors to cover its spending.It also directly affects people around the world, because the 10-year Treasury yield is the centerpiece of the global financial system and helps set prices for all kinds of other loans and investments. Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers. Higher yields mark a sharp turnaround for a generation of consumers and investors who have known pretty much just low yields, as central banks kept benchmark interest rates pinned at nearly zero. Such low rates let people borrow money more easily, which helped economies to strengthen following the 2008 financial crisis, the European debt crisis and other maladies including, most recently, the COVID-19 pandemic. The low rates led to rising prices for houses, stocks and other investments, but they may also have encouraged too much risk-taking and spurred investment bubbles.Now, central banks are more concerned with getting high inflation under control. To do that, they raise interest rates and hope the higher costs to borrow will starve inflation of its fuel by bringing down spending. The Fed's main interest rate affects extremely short-term loans, those that banks charge overnight. The Fed has already pulled its federal funds rate to the highest level since 2001, and it's debating whether to hike it one more time. Either way, it's signaled plans to keep rates high for a while to successfully suffocate inflation. The 10-year Treasury yield has been catching up to the Fed's main interest rate after a string of reports has shown the U.S. economy remains remarkably resilient. While that calms worries about a possible recession caused by high rates, it could also keep upward pressure on inflation and shorter-term rates. Federal Reserve Chair Jerome Powell said Thursday that many other factors could be contributing to the swift rise in the 10-year Treasury yield. They include the U.S. government's big deficits, which require more federal borrowing, and the Fed's ongoing efforts to reduce its trove of bond investments built earlier to keep yields low. On the wonkier side, bond prices have also been falling in tandem with stock prices more often than they used to. That's unnerving for investors who usually see bonds as the safer part of their portfolios, and it could be pushing them to demand higher yields to own them.The rise in the 10-year Treasury yield most directly means the U.S. government has to pay more to borrow money for 10 years. But because the 10-year yield is the reference point for financial markets, it also quickly filters out into all kinds of loans. Even for companies with the best credit ratings, the interest rates they borrow at are set by adding some extra on top of whatever the U.S. government is paying for its Treasurys. Borrowers with worse credit ratings have to pay more extra than those seen as good bets to repay their debts.More expensive borrowing keep U.S. households from spending as much and companies from expanding as much, which should eventually hit overall U.S. economic activity. More immediately, because a 10-year Treasury is seen as one of the safest possible investments on the planet, its yield swiftly sways prices for all kinds of investments. When a super-safe Treasury is paying much more in interest, investors feel less need to pay high prices for a Big Tech stocks, cryptocurrency or other investment that carries more risk. It's a big reason the S&P 500 has seen its gain for the year so far tumble from 19.5% at the end of July to 10% as of Friday. Higher U.S. yields also attract more investments from abroad, which means investors are increasingly swapping their currencies for U.S. dollars. Since the end of July, the U.S. dollar has climbed roughly 4% against the euro, 5% against the British pound and 6% against the Australian dollar. While a stronger dollar helps U.S. tourists buy more stuff when they're abroad, it can also add financial pressure and heighten inflation for other countries, particularly in the developing world. Even for U.S. bond investors, the swift rise in bond yields has brought losses of their own. When new bonds are paying higher yields, it makes the older, lower-yielding bonds already sitting in investors' portfolios or mutual funds less attractive and knocks down their price.The largest U.S. bond mutual fund has lost roughly 3% so far in 2023 and is on track for a third straight yearly loss. That's never happened since its birth in 1987.。 潮新闻客户端 记者 汪江军 季建荣王效力 来源：横山人大1月9日，据中央纪委国家监委网站消息：陕西省榆林市人大常委会原党组成员、副主任王效力涉嫌严重违纪违法，目前正接受陕西省纪委监委纪律审查和监察调查。
B | 公开资料显示，王效力出生于1962年11月，陕西定边人，早年在榆林市定边县委、共青团榆林市委工作。
C | 2002年起任团榆林市委书记。此后相继任府谷县委常委、府谷县人民政府常务副县长（正处级），府谷县委副书记、府谷县人民政府县长等职务。
D | 2011年起，王效力出任横山县县委书记。2016年11月，原横山县撤销，设立榆林市横山区，王效力任横山区委书记。2020年4月，王效力当选榆林市人大常委会副主任，并继续兼任横山区委书记。2021年，主政横山10年的王效力，卸任横山区委书记一职。潮新闻注意到，在任职横山区委书记时，王效力曾陷“被打事件”。
E | 2017年8月4日晚，横山区委书记王效力在榆和饭店吃饭期间遭到殴打，打人者是该饭店老板白浩亭。人民政协网转载红网报道，打人者还是当地的亿万富翁，地点还在高档会所。
F | 这些元素堆叠在一起，使得这则消息充满了戏剧性。8月13日，榆林市纪委和榆林市警方，就8月4日晚榆林市横山区区委书记王效力到榆和饭店赴宴，遭该饭店老板白浩亭殴打一事做出通报。通报称，王效力8月4日晚因公应横山籍一退休市级领导邀请就餐，就餐地方对外开放营业，并非高档私人会所，且由个人埋单，并未违反有关纪律规定。打人者白浩亭被行政拘留10日，处罚款500元，并公开进行道歉。
G | 榆林市公安局榆阳分局调查显示，8月4日晚8点30分左右，王效力一行结束用餐准备离开时，饭店老板白浩亭拉着王效力到大厅茶座喝茶谈事，白浩亭索要其为横山区一煤矿矿建垫付的工程款，王效力表示此事属于区政府管理，不是区委的事情。二人话不投机，王效力离开茶座行至一楼大厅外，被酒店两名保安和两名服务员挡住拉回后，白浩亭便上前实施了殴打。“转载请注明出处”。
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