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 signaled further hikes are coming. Stocks slumped. Investors are concerned over additional increases as the Fed moves to cool inflation.
Higher bond yields pressure American consumers. Yields could fall as quickly as they climbed. The 5 percent mark matters for the economy. It stays a key marker for markets. This level still matters.