Sometimes you need to zoom your chart out for perspective.
This run-up in yields has been fast, but looking at the 40+ year trend of US10Y, it appears merely corrective after bonds were panic bid in March 2020.
Higher yields from here will weigh heavily on over-valued and over-indebted companies. Looking at you, tech stocks. Some attrition in this area over the next few years would, in my opinion, benefit the overall health of the economy in the long term.