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The yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years on Thursday, causing a ripple effect that could raise rates on mortgages, student debt, auto loans and more.
After Federal Reserve Chair Jerome Powell said “inflation is still too high,” expectations that the U.S. central bank could continue to tighten monetary policy sent the 10-year yield over the key psychological level for the first time since July 2007.
“That has real impacts on the economy, ultimately affecting every individual in the U.S.,” said Mark Hamrick, Bankrate.com’s senior economic analyst.
The yield on the 10-year note is a barometer for mortgage rates and other types of loans.
“When…
Source cnbc.com
