The US 10-year Treasury yield breached the psychologically significant 5% mark in mid-September, and it could keep climbing. Is the sell-off of US bonds the start of a longer trend, or a storm that will soon pass? And what does it mean for Malaysia's own borrowing costs and bond market?

We get into:

• What's driving the spike: Inflation risk, foreign selling, and fiscal concerns behind the surge in yields, and why Barnabas sees these drivers as largely transitory rather than structural.

• Brent Oil Prices: Why he expects Brent to ease back to around $85 by year-end, even with tensions still simmering in the Middle East.

• Who's selling, and why it matters: Why the sell-off looks concentrated in Japan and Greater China, and what that tells us about how serious it really is.

• Echoes of 1981: Whether today's environment has anything in common with the last time US yields ran this high, and what eventually broke that cycle.

• What it means for Malaysia: How a US Treasury sell-off could push 10-year MGS yields higher, whether Bank Negara is closer to a rate hike, and why foreign inflows into Malaysian bonds are holding up despite the global bond rout.