Americans are about to feel the impact of soaring bond yields, Blackstone president says

• Consumers are about to feel the impact of soaring bond yields, Blackstone president Jonathan Gray told the FT. 
• The yield on the 10-year US Treasury continued to rise on Thursday, edging closer to 5%.
• Higher bond yields are raising borrowing costs all over the economy, from mortgages to personal loans.

American consumers are about to feel the sting of soaring bond yields, Blackstone president Jonathan Gray said.

Bond yields, which impact borrowing costs for all kinds of loan products, moved higher this week as investors fretted over higher-for-longer interest rates. After notching a 16-year-record earlier this month, the yield on the 10-year Treasury bond continued to surge on Thursday, rising to 4.958%.