Bond yields have been eye-watering in recent days, which might be expected to bring slower growth across a range of industries, including real estate and construction.
But at this stage the rising yields do not jeopardize economic growth, in part because the cause of the recent surge has shifted.
For most of this year, 10-year Treasury yields rose due to inflation fears and a growing national debt that crossed the $40 trillion threshold last month. But Wednesday’s surge came, in part, from higher expectations of economic growth and warnings from Federal Reserve officials that more rate increases are likely on tap this year to tame inflation.