The 10-year Treasury yield touched 5 percent on Wednesday. That is a critical level for the US economy and markets. The Federal Reserve has raised interest rates. It indicated further hikes are coming. Stocks fell. Investors fear additional increases as the Fed works to curb inflation.

Higher bond yields hit American consumers. Yields could fall as fast as they rose. The 5 percent mark matters for the economy. It stands as a key marker for markets. This threshold remains crucial.