DP

Yikes. The 10-year bond yield climbed above 5.2% today for the first time since summer 2007. Wall Street may think this is ok, but it's jarring for Main Street. This is painful for many Americans. 1) Mortgage rates are back above 7% 2) Auto loan rates are rising swiftly now too 3) Personal loans have been a lifeline for many moderate-income Americans, but those rates are also climbing 4) Refinancing is dead. Any household or small biz hoping to refi a loan is struggling 5) Many banks are sitting on bonds that yield under 5%, so they're having to hedge their holdings (to avoid selling at losses) There's a lot of pressure building on the economy from higher borrowing costs.