Surging Interest Rates Spark Bond Crash, Stoking Fears of Economic Slowdown

Treasury bond prices have crashed in recent weeks, sending yields on 10-year notes above 5% for the first time since 2007.

The Federal Reserve's interest rate hikes and concerns about ballooning US debt have fueled the bond rout.

Higher yields often lead to stock market volatility and can raise borrowing costs across the economy.

That means mortgages, credit cards, and business loans are likely to get more expensive.

Rising interest rates also raise the risk of job cuts as corporate borrowing costs surge.