Higher interest rates are inflating borrowing costs as the Trump administration spends on the Iran war and tariff refunds.

© The New York Times

Higher interest rates are inflating borrowing costs as the Trump administration spends on the Iran war and tariff refunds.

© The New York Times

In the contrarian logic of investing, rising interest rates have made bonds much more attractive, our columnist says.

© Carlos Miranda

Some analysts say investors are demanding a higher “term premium” to buy government debt, reflecting growing worries about debt levels and deficits.