Economic Alarm That Foreshadowed 2008 Crisis Is Blaring Again

The surge in long-term Treasury yields matters far beyond Wall Street because government bonds help establish the baseline for borrowing throughout the economy, including mortgages, business loans and other long-term credit. With the average 30-year fixed mortgage already at 6.67%, according to Freddie Mac, persistently high Treasury yields could make it harder for Americans to buy homes, finance businesses or refinance existing debt.