Higher borrowing costs raise economic and political stakes for Trump

Trump is facing a new inflation warning from the bond market

U.S. 10-year Treasury yields hit 4.44% (from 3.95% pre-Iran war), with annual deficits projected past $4T/year within a decade and debt servicing costs already exceeding $1T/year. Sustained high rates compress SaaS multiples, tighten startup runway, and raise hurdle rates for enterprise capex and M&A.