What is the story here? 5, 10 and 30 year treasury yields are marching in lock step saying these bonds' would-be buyers want greater compensation if they are going to take on the debt of a society that literally lives by inflation, and by debt. The yields are rising as if to say "Look, we will keep the illusion intact as long as you are willing to manufacture more debt to sustain it, but we must be better compensated as the moral risks get higher here in Full Hubris '10".
The key yield to watch is of course the 3 month T-bill, which will tell the Fed what it is going to do (you don't really believe these clowns are in control of such things, as they pretend to make these decisions, do you?) and if the T-bill tells the Fed that rates are going to rise, then we will find out how sustainable the economic recovery is.
if the ten years go up 0.5% more there will be trouble then mortgage rates will go up faster and push down house purchases (and prices) faster then they are now....just a matter of time given there is no credible evidence out there these guys will stop spending like maniacs.