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 lifted interest rates. It indicated further hikes are coming. Stocks fell. Investors are worried about more tightening as the Fed works to curb inflation.
Higher bond yields pressure American consumers. Yields could drop as fast as they rose. The 5 percent mark matters for the economic outlook. It stands as a critical gauge for markets. This mark still matters.