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 further hikes are coming. Stocks slumped. Investors are concerned over additional increases as the Fed moves to cool inflation.
Higher bond yields hit American consumers. Yields could retreat as quickly as they climbed. The 5 percent mark is important for the economic outlook. It stays a key marker for markets. This mark still matters.