SHORT ANSWER
The core idea
The coupon is the contractual interest payment set by the bond's terms, while yield is the return implied by the bond's current market price and cash flows.
THE MECHANISM
What is happening underneath
A fixed-rate bond's coupon usually does not change when market rates move, but its price and yield do.
MARKET INTERPRETATION
How investors should read it
This distinction explains why an old low-coupon bond can trade at a discount after rates rise.
BONDSTATS TAKEAWAY
The same market move can carry different information depending on which maturity, issuer and risk premium is changing. Read the question together with the underlying concepts rather than treating one price move as a universal signal.
RELATED CONCEPTS
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