The 10-year Treasury yield is inches away from 3%, a level that could cause shock waves in the financial markets

The yield on the benchmark 10-year Treasury note started the week on a tear, jumping to 2.99 percent and toying with the key 3 percent level that could trigger a reaction across global financial markets.

The 10-year yield was at 2.975 percent at 10:01 a.m. ET, after topping 2.99 percent earlier M…