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 affect 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.

Yields have risen to their highest level in more than a decade as investors continued to assess the prospect of the Federal Reserve taking aggressive steps to lower soaring inflation. Treasury notes have risen to 2.3% – levels not seen in more than ten years. Interest rates continue to rise, and yields will rise to keep pace with them.

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