Americans Learned a Lesson About Interest Rates. Washington Has Not.

Posted on AllSides October 19th, 2023
From The Right
Chuck Myers/ZUMAPRESS/Newscom

Congress and President Joe Biden's administration seem unaware that rising interest rates are about as "transitory" as they told us inflation would be—meaning, likely to be around for quite a while. Why does this matter? Ask someone who's been enticed by a mortgage with a variable interest rate that starts low and then rises quickly when conditions change.

Over the past month, yields on 10-year notes have risen sharply to 4.8 percent, well above the prevailing rate over the past 16 years. Meanwhile, two-year Treasuries are paying a 5.2 percent...

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