Reading this article explaining that the Fed’s policies are backfiring, I’m confused by this sentence:
“Yields on 10-year Treasury notes, a benchmark for home mortgages and other consumers loans, jumped from 2.5 percent in March around the time of the Fed announcement to as high as 3.7 percent in recent days as signs that efforts to stabilize the financial system and economy were starting to pay off.”
Is the yield mentioned here the coupon payment? If it is, and this jump is a problem, then why would government raise it? I doubt it means that, but what does it mean?