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 indicated more rate rises are coming. Stocks fell. Investors are worried about more tightening as the Fed moves to cool inflation.
Higher bond yields weigh on American consumers. Yields could fall as fast as they rose. The 5 percent mark is important for the broader economy. It stays an important signal for markets. This level still matters.