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Trump is facing a new inflation warning from the bond market, adding to his midterm challenges — 12:10 a.m.
By the Associated Press
The world is getting more uptight about lending money to President Trump’s government — causing interest rates to climb in ways that are worsening affordability pressures, hampering economic growth, and creating a new risk for Republicans in November’s midterm elections.
The energy price spike triggered by the Iran war has seeped into the price of bonds that help fund the US government. Interest rates on a 10-year US Treasury note are topping 4.44 percent, up from 3.95 percent before the war started at the end of February. Average mortgage rates have climbed to their highest levels in nine months, while auto sales are slumping.
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The challenge is global in scale, as interest rates have risen for multiple countries as the world has been adjusting to the prospect of higher inflation, mounting questions about the sustainability of government debt, and a dramatic surge in investment in artificial intelligence.
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