Surging Rates Stoke GOP Tensions on Paying for Tax Cut

What You Need To Know

• The mood today is starkly different from 2017, when a deficit-expanding tax cut was passed.
• Yields on benchmark 10-year Treasury notes touched 4.8% this week, double what investors demanded just before Trump started his first term.
• Higher long-term rates add to the cost of the government’s debt-servicing payments.