The 10-year Treasury yield touched 5 percent on Wednesday. That is a major level for the US economy and markets. The Federal Reserve has increased interest rates. It signaled further hikes are coming. Stocks fell. Investors are worried about additional increases as the Fed tries to slow inflation.
Higher bond yields pressure American consumers. Yields could retreat as quickly as they climbed. The 5 percent mark matters for the economy. It stays a key marker for markets. This mark is critical.