There has been a lot of volatility in the yields, so lenders are likely to take a deep breath to see if the 3% number holds, rises or retreats before taking action, Sharga added.
"Every bond trader around the world is watching the USA 10-year yield because it has been four years since we saw it at this level", said Tom Cahill, portfolio strategist at Ventura Wealth Management.
If bond yields start rising, we could see investors start flowing out of equities and into bonds.
So, what's the big deal about bond yields rising?
Ten-year Treasury yields sit closer to 3% than at any time in the past four years, prompting investors to dust off their playbooks for how to trade in an era of relatively higher rates.
Asset prices, currencies and borrowing costs around the world are steered by movements in USA government bonds, considered by many investors to be the ultimate safe asset.
Kuroda has stuck to his well worn dovish script overnight but this is old news, and the USDJPY continues to climb due to the USA dollar bid while triggers some stops along the way above 108.30 level.
Gold has responded more favorably today due to the fact that lower prices are tempting investors back into the market. The Nasdaq composite dropped 49 points, or 0.7 percent, to 7,079.
"At least in the currency world, rising yields in the US severely undermine the appeal of riskier assets, particularly higher-yielding and emerging market currencies", said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
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They are waiting to see what happens during the draft until they spend more money on an aging wide receiver rather than a rookie. One team Bryant nearly certainly won't be signing with is the Ravens , and that's because he has already shot them down once.
The 10-year Treasury yield stopped short of the psychological 3 percent level with some investors believing this may be the top until the government reports on first-quarter GDP on Friday. That can slow down economic growth.
In fact European Central Bank rate-setter Francois Villeroy de Galhau on Tuesday warned that the uncertainty being generated by USA trade tariffs is already hurting investment globally and could seriously damage growth. It plumbed a one-month low of $1.3919 on Tuesday before rebounding 0.3 percent, on news about a possible takeover of British pharmaceutical company Shire Plc by Japanese drugmaker Takeda Pharmaceutical Co. For Wall Street, it's a warning that higher interest rates may eat into corporate profits and that faster inflation is coming - both of which could eventually hurt the economy.
"Yesterday was a big day in terms of treasury yields impacting currencies".
In other news, the National Association of Realtors said on Monday that existing home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million units last month. The department also said it could change its stance on sanctions against the Russian aluminum company if billionaire businessman Oleg Deripaska gives up control.
Also, we find that the inflationary expectations at both the earlier date and the later date were both roughly the same in each period and both increased by 30 basis points from roughly 1.84 percent to 2.14 percent. That followed US frustration with Russian policy in Syria and Ukraine, as well as alleged election interference.
Walmart fell 1 percent after Bloomberg reported that the retailer might spend $12 billion to buy the majority of Indian e-commerce company FlipKart. It touched 2.98 percent but by early Tuesday in Asia had fallen back to 2.96 percent. The Malaysian bond market look poised to continue declining ahead of the vote and even more so as United States yields look poised to move even higher. Brent crude, used to price worldwide oils, gained 0.9 percent to $74.71 per barrel in London.
CURRENCIES: The dollar inched up to 108.86 yen from 108.84 yen. The euro rose to $1.2216 from $1.2205.
OVERSEAS: Germany's DAX lost 0.4 percent while the French CAC 40 dipped 0.3 percent.