U.S. government borrowing costs on longer-maturity debt have risen more quickly than on shorter-maturity debt since so-called reciprocal tariffs were announced. We discuss what drove that reaction and why the difference is likely to persist.

The federal government’s debt has doubled since 2015 – and shows no signs of turning around.

Janet Engels and Tylar Lunke look back at key takeaways from 2024 and discuss highlights from the Global Insight 2025 Outlook.