Bond markets are being hit hard — and it's likely to impact you

A trader works at the New York Stock Exchange on Oct. 11. Bond yields are surging, threatening to raise borrowing costs across the economy. (Angela Weiss/AFP via Getty Images)

There is a sharp sell-off in the bond market, and it has big implications on both the economy and people's pocketbooks.

Yields on U.S. government bonds, especially the 10-year Treasury note, determine the interest rates that people pay on a lot of their debt, including mortgages and credit cards.