Rates are on the rise, but don’t fear for the stock market — yet

The Federal Reserve roiled markets after it announced its second interest rate hike of the year, even though the decision was widely expected. If the 10-year Treasury yield rises over 3 percent and marches toward 4 percent, a level it hasn't hit in a decade, investors may then begin to alter their outlooks for the economy and the market. After all, interest rates impact the economy from every angle, affecting spending by businesses and consumers and borrowing decisions, corporate buybacks, capital investment, earnings growth and more.