The 10-year Treasury yield reached 5 percent on Wednesday. That is a critical level for the US economy and markets. The Federal Reserve lifted interest rates. It suggested more rate rises are coming. Stocks fell. Investors are concerned over more tightening as the Fed tries to slow inflation.
Higher bond yields hit American consumers. Yields could fall as quickly as they climbed. The 5 percent mark matters for the economic outlook. It stays a key marker for markets. This mark still matters.