3% is considered a danger zone, but not the zombie apocalypse event horizon. As the rate rises, the US spends more on interest payments. Also, many consumer loans are derived from the 10yr, including some mortgages. Small rate increases can have huge, immediate effects.
The 10yr isn't the only relevant rate, but is considered by many experts to be one of the better near/mid-term indicators.
*edit*
also, wtf are you talking about. The 10yr is not on the move right now. The markets are closed.
It is pretty low given the last few months. But, high for the year.