The 10-year Treasury yield reached 5 percent on Wednesday. That is an important level for the US economy and markets. The Federal Reserve lifted interest rates. It signaled further hikes are coming. Stocks dropped. Investors are worried about additional increases as the Fed moves to cool inflation.

Higher bond yields weigh on American consumers. Yields could fall as fast as they rose. The 5 percent mark is important for the broader economy. It stays a critical gauge for markets. This level is critical.