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Its rise from less than 3.50% in the spring to more than 5% earlier last week has sent prices tumbling for older bonds already trading in the market.

In the crypto world, bitcoin clawed back some ground in early trade on Thursday, after tumbling for two straight sessions to its lowest level since late 2020.

Earlier this year the survey's prices paid index had hit its highest level since 1979, but the August report showed it tumbling for a fourth straight month to the lowest since December 2020.

The higher yields mean prices are tumbling for bonds.

Sales of high heels, loafers and other dress shoes have been tumbling for years, and analysts say the pandemic has turbocharged their demise.