Investors have been starting to worry that the 10-year yield would keep climbing to 5%, a level it hadn’t hit since mid-2007, just before the beginning of the Great Recession and 2008 financial crisis. The 10-year got thisclose to 5% in October 2023, hitting a peak of 4.987%. It doesn’t seem a coincidence that the last time the stock market went into a correction – a 10% pullback from a recent peak – was right around that time.
