The 10-Year Treasury note is the most popular debt instrument in the world. It is generally seen as a safe place to invest when the market is volatile because its returns are low but guaranteed.

Interest rates are generally indicative of economic growth: The Federal Reserve raises rates to rein in spending when the economy is growing and lowers them to encourage spending when it is contracting. Commercial banks lend money at similar interest rates, which can drive demand for real estate and thereby shore up the construction industry.

Treasury yields have risen dramatically in the last few months as the Federal Reserve uses interest rates to fight inflation. This will likely continue until inflation returns to manageable levels. Higher interest rates mean fewer people spending money (particularly by taking out loans to expand businesses), which means less money circulating in the economy and slower inflation. This tactic has been used whenever the economy runs too hot, and the Fed used it before when it caused a recession in the 1970s. Fortunately, monetary policy has come a long way since then and regulators have far more tools at their disposal.