Market Extra: 10-year Treasury yield knocks on door of 4% as threats to markets and economy grow

The benchmark 10-year Treasury yield briefly approached 4% on Tuesday, a milestone level at which it hasn’t sustainably held above for more than a decade.The 10-year rate BX:TMUBMUSD10Y, which influences everything from mortgages to student and automobile loans, rose to as high as 3.976% after inflation updates from France, Spain and the U.K. all pointed to no signs of a let-up in price gains. Last September, when the 10-year Treasury yield briefly traded above 4% for the first time in at least 12 years, Dow industrials sank to the lowest levels of 2022 within days, followed by the S&P 500 a few weeks later. The rate…