Rising bond yields from Iran war energy spike create economic and political risks for Republicans ahead of midterms
By
Josh Boak
Sesame, salt, and substance. A flagship bake.
Summary
The article discusses how rising interest rates on U.S. Treasury bonds, triggered by an energy price spike from the Iran war, are increasing affordability pressures and hampering economic growth. This creates political risks for Republicans in the upcoming midterm elections. The 10-year Treasury note rate has risen from 3.95% to over 4.44%. While President Trump claims a fraud task force could find enough savings to balance the budget, economists consider this unrealistic given the deficit's magnitude. Voters are already concerned about high costs for food, gas, and now higher interest rates affecting home purchases, car loans, and credit card debt.
Key quotes
· 4 pulledThe world is getting more uptight about lending money to President Donald Trump's government
Interest rates on a 10-year U.S. Treasury note are topping 4.44%, up from 3.95% before the war started at the end of February
Trump says a task force on fraud could find enough savings to balance the budget. Economists say that's probably unrealistic because of the magnitude of the deficit
Voters are already concerned about high costs for food and gas, and higher interest rates make it harder to buy or renovate a home, afford a new car or manage credit card debt
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