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 suggested more rate rises are coming. Stocks slumped. Investors are concerned over additional increases as the Fed works to curb inflation.
Higher bond yields hit 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.