US 10-year Treasury yield
The yield on the benchmark ten-year issue of US government debt.
How to read the number
The world's reference for the price of long money: when it rises, US mortgages get dearer, growth companies are valued lower and capital drains out of emerging markets.
When the metric lies
It blends rate expectations, a term premium and demand for a safe asset — one number cannot tell you which of the three moved.
Also known as: ten year yield