Source: Peter Cohn, ROLL CALL, 1/6/22

 Long-term interest rates on government debt have spiked since the start of the new year, a phenomenon that usually occurs when investors expect robust economic growth, hotter inflation or both. And some market analysts say there's room for rates to run higher — never a good sign for U.S. debt forecasts and the appetite of fiscal hawks for more deficit spending. The benchmark 10-year U.S. Treasury yield, which influences lending rates throughout the economy, nearly touched 1.75 percent this week after Federal Reserve minutes showed central bankers might unwind their unprecedented monetary policy stimulus faster than expected.

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