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The U.S. 10-year Treasury yield has climbed above 5.1%, returning to levels last seen in 2007. Stocks have remained remarkably resilient—but higher yields are changing the mathematics underneath markets.
Inflation is usually explained as "prices going up". That framing hides the part that actually affects you: prices and incomes do not move at the same speed, and the gap between them is where the damage happens.
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