The 10-year Treasury yield climbed to 5 percent on Wednesday. That is a critical level for the US economy and markets. The Federal Reserve has raised interest rates. It signaled further hikes are coming. Stocks slumped. Investors are concerned over additional increases as the Fed tries to slow inflation.
Higher bond yields weigh on American consumers. Yields could fall as quickly as they climbed. The 5 percent mark matters for the economy. It stands as a critical gauge for markets. This level is critical.