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一 |     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.。

二 |     每逢周末，承德避暑山庄门前总有这样一道风景：街道办与居委会的工作人员身着“红马甲”，轮流值守在文明旅游志愿服务点，热情地为南来北往的游客答疑指路。服务点虽不大，藿香正气水、创可贴、碘伏、花露水、速效救心丸等应急物品却一应俱全。“请问去普宁寺怎么走？”“附近有推荐的美食吗？”游客的问题一个接一个，志愿者们成为“活地图”和“文化讲解员”，耐心为游客规划路线、指引停车场、介绍景点。正说着，来自天津的刘女士带着孩子匆匆跑来：“有创可贴吗？孩子不小心蹭破皮了。”志愿者立刻从药箱里取出碘伏和创可贴，一边消毒一边轻声安慰孩子。这样的场景让人心头一暖。人们常说，旅游是“眼睛的旅行”，其实更是“心灵的体验”。

三 | 游客千里迢迢来到承德，奔着避暑山庄深厚的文化内涵、外八庙的庄严宏伟而来。可真正让人记住一座城市的，往往不只是风景本身，更是在旅途中感受到的那份温度。一个及时的指引、一杯解暑的水、一剂应急的药，这些看似微不足道的“小服务”，恰恰是城市文明最生动的注脚。正如一位游客所言：虽然都是小事，但出门在外心里踏实不少。

四 | 更值得称道的是，这样的志愿服务并非孤例。据了解，该活动由双桥区区委社会工作部和区旅游和文化局牵头组织，在普宁寺、磬锤峰等热门景区，同样设有类似的志愿服务岗，实现了承德市重要文旅区域的全覆盖。截至7月底，全区已累计招募志愿者500余名，服务游客2万余名。

五 | 数字背后，是一座城市对“好客”二字的郑重承诺。令人欣喜的是，这股文明之风还从服务点吹向了周边。受志愿服务点感染，周边商户也纷纷行动起来，或主动为游客提供便利，或自觉维护经营环境，形成了一股互帮互助的良好风气。

六 | 山庄路一家餐馆老板告诉记者：“店里备了免费的饮用水，游客进来歇歇脚、问问路，我们都欢迎。”从“镇街主抓、区直部门协同”的工作体系，到商户自发参与、全民共建的生动局面，文明旅游已从政府主导的“独奏”变成了全社会参与的“合唱”。文明，从来不是高悬的口号，而是融入日常的细节。避暑山庄门口的这方小桌，摆上的是应急药品，传递的却是一座城市“当好主人翁、笑迎八方客”的诚意与温度。当每一位游客都能在这里“一见倾承、心向往之”，文明便有了最动人的模样。（日报记者 李保健）。

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