收益率持续走高带来的连锁反应，绝不会仅仅局限于华尔街。作为最直接的受影响方之一，美国政府自身将不得不为不断膨胀的债务支付更高利息——随着旧债到期、被新债替换，这一负担将愈发沉重。事实上，早在今年这轮涨势开启之前，利息支出就已占据了联邦预算的更大份额。时至今日，每五美元财政收入中，就约有近一美元被用于偿付利息。放眼过去半个世纪，联邦利息成本占GDP的比重平均为2.1%。然而按照国会预算办公室的测算，这一数字今年将攀升至3.3%，并将在2036年进一步逼近4.6%的高位。收益率的抬升同样暗藏政治影响。国债在整个经济体中扮演着基准定价的角色，深刻左右着包括30年期房贷在内的一系列借贷成本。很大程度上凭借选民对可负担性问题的关切而上台的总统特朗普，曾多次承诺压低房贷利率。
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