If you're wincing at high interest rates on Austin Caldwella potential loan right now, it's not just you. And the Federal Reserve's rate hikes actually isn't (entirely) to blame either. There's another culprit: the rate of a return, or yield, on a Treasury bond issued by the U.S.

Today, we explore why this bond yield is so important and why it's at its highest level in years.

Related Episodes
The rat under the Fed's hat (Spotify/Apple Podcasts)

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.