The 10-year Treasury yield climbed to 5 percent on Wednesday. That is an important level for the US economy and markets. The Federal Reserve lifted interest rates. It indicated further hikes are coming. Stocks dropped. Investors are concerned over additional increases as the Fed moves to cool inflation.
Higher bond yields weigh on American consumers. Yields could drop as fast as they rose. The 5 percent mark is important for the economic outlook. It stays an important signal for markets. This mark still matters.