It will affect anything which comes due in 10 years. So say you want to take out a 20 years mortgage, the payments that are going to happen 10 years plus will have their rate influenced by the 10yr. OR say you’re trying sell a business. When they look at the future earnings of that business, a higher rate on the 10 year will mean they give you less for that business, because the money in 10 years time is worth less today.

Also if you’re going to retire in 10+ years sucks to be you, your 401k just became a lot less valuable and the income you can expect in retirement will be lower.

Now because nothing happens in a vacuum, the 10yr spiking will affect other yields too.