The 10-year Treasury yield reached 3% for the first time since late 2018. And as we know, bond prices and yield are inversely related, when treasury yield rises the bond prices fall. The borrowing cost from mortgages to student loans last closed above 3% in November 2018, and since the last year, it has jumped 1.49%. Corporate bonds and Treasury have slumped due to the increase in the interest rate by the FED, in order to curb inflation. Rising yields are often associated with strong economic growth. In this case, inflation is on the rise and the labor market is tight, which is why the FED is rapidly increasing the interest rates.
https://www.wsj.com/articles/10-year-treasury-yield-hits-3-for-first-time-since-2018-11651511960?mod=hp_lead_pos2
