Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
The yield on the 10-year Treasury note briefly eclipsed 5% this week amid signs that the Federal Reserve might end up keeping interest rates high for longer, portending higher borrowing costs for the federal government and for households.
Mark Hamrick, Bankrate’s senior economic analyst, emphasized to the Washington Examiner on Friday that the markets themselves dictate a lot of things for consumers and that the higher yields aren’t just something on paper but rather have a profound effect on the economic landscape. The higher mortgage rates are reverberating all throughout the housing ecosystem, imperiling the country’s surprisingly robust labor market and positive gross domestic product growth.
Higher yields on Treasurys are also not good news for the stock market as bond yields, and the stock market tend to move in opposite directions. It is still unclear whether the stock market, which has performed surprisingly well over the last year given the high-interest-rate environment, will keep holding up as the year comes to a close.
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