Bond yields refer to the return an investor can expect to earn from a bond, expressed as a percentage of its face value. This yield is influenced by factors such as interest rates, the bond's credit quality, and its time to maturity. When interest rates rise, bond prices typically fall, leading to higher yields, and vice versa. Investors often look at different types of yields, including current yield and yield to maturity. The current yield is calculated by dividing the bond's annual coupon payment by its current market price, while yield to maturity considers all future cash flows, providing a more comprehensive measure of a bond's profitability.