The most important number in the economy has hit its highest level since 2007, and Wall Street can’t decide if this is good or bad.
That number is the 10-year Treasury yield, the interest rate that the U.S. government pays to borrow money for a decade and on which almost every other loan in the country is predicated. It hit 5.21% on Friday, and the average 30-year mortgage rate jumped to 7.45% alongside it; car loans, credit cards, and business loans will follow.
