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 lifted interest rates. It signaled further hikes are coming. Stocks slumped. Investors are worried about further rate hikes as the Fed works to curb inflation.
Higher bond yields pressure American consumers. Yields could fall as fast as they rose. The 5 percent mark matters for the economy. It stays an important signal for markets. This mark remains crucial.