The nearly $32 trillion market for U.S. government bonds, called the Treasury market, offers a clear signal of where the economy may be headed. Yields on bonds tend to set the temperature for other interest rates, including mortgages and auto loans. They can affect everything from student loans to the housing market.

It was a tough week for the bond market. And the US government’s attempt to help offered only temporary relief.

Treasury yields eased on Wednesday from multi-year highs seen in the previous day, as a sell-off at the long end of the curve eased investor jitters.

Stocks shrugged it off, but bond yields moved higher for a second straight day on Friday, the latest sign that the US Treasury's intervention efforts have been a bust.

The bond yield surge is another brick in the market's wall of worry and ultimately,” said Arca’s Paul Stanley.

Treasury yields are hitting their highest levels in years, pushing up mortgage rates and borrowing costs while creating new risks for stocks.

A combination of long-running fiscal pressures and contemporary geopolitical risks briefly pushed U.S. Treasury yields to a 19-year high this week, raising alarm about the country's economic trajectory and threatening to raise borrowing costs for millions of Americans.

Long-dated fixed income hit their highest level in almost two decades amid a worsening U.S. fiscal situation and persistently higher inflation.