Bond yields are hovering near multi-year highs: What it means for your wallet

The yield on the 10-year Treasury hit the highest level since 2002 during Thursday's trading session as higher borrowing costs impact the economy of large and impact households.Yields on longer-dated Treasurys have risen this year amid the geopolitical uncertainty caused by the Iran war and growing federal budget deficits, tighter monetary policy and more competition in the bond market from mounting levels of corporate debt issuance due to the AI buildout.The 10-year Treasury yield rose as high