Why 5% is the Treasury-yield level that freaks investors out

The 10-year Treasury yield is approaching 5%, a level that investors see as a threat to stocks. The yield was 4.95% around midday on Friday, just 5 basis points from the threshold. According to ING's Padrhaic Garvey, 5% is a key psychological level because the yield has rarely broken through it in recent history.

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