The 10-year Treasury yield touched 5 percent on Wednesday. That is a major level for the US economy and markets. The Federal Reserve lifted interest rates. It indicated more rate rises are coming. Stocks dropped. Investors are concerned over more tightening as the Fed tries to slow inflation.
Higher bond yields hit American consumers. Yields could drop as quickly as they climbed. The 5 percent mark is a key signal for the economy. It remains a critical gauge for markets. This mark is critical.