The 10-year Treasury yield climbed to 5 percent on Wednesday. That is a major level for the US economy and markets. The Federal Reserve has increased interest rates. It indicated more rate rises are coming. Stocks slumped. Investors fear further rate hikes as the Fed tries to slow inflation.
Higher bond yields weigh on American consumers. Yields could drop as fast as they rose. The 5 percent mark is a key signal for the economic outlook. It remains a key marker for markets. This level is critical.