This chart shows exactly why investors should worry about rising yields — even if they don’t own any bonds

Rising Treasury yields are posing a new risk to U.S. stock market gains, which have been buoyed by strong earnings growth. Even investors not directly invested in bonds should be concerned because higher yields can increase borrowing costs and reduce consumer spending, both of which can negatively impact corporate earnings. This shift signals a potential shift in the economic landscape, suggesting that the era of low-interest rates may be coming to an end, which could reshape investment strategies and economic policies.