It’s the 10 year Treasury rate, which is up to 2.7%. Four months ago it was at 2.06%.
In other words, the cost to the government of borrowing money has increased around 30% since September. When the rate gets above 3%, which might not be long, it will start to have a serious negative effect on the market, and thus on the fortunes of Trump and the Republicans.
Interest rates rise in anticipation of inflation, which seems inevitable, given the onslaught of federal spending. Rising interest rates and higher inflation will force Trump to deal with the problem of chronic trillion dollar deficits and an exploding national debt. Something will have to be done.
But Congress won’t do it. Congress is a hopelessly corrupt and broken institution, at least as far as spending restraint is concerned. So what can Trump do?
He can write a balanced budget amendment to the Constitution, setting forth a long term path to financial stability, and get it proposed for ratification by an Article V Convention. He can campaign for, and win, ratification of the 28th Amendment to the united States Constitution. He can call it the Trump Amendment, if he wants.
This solves a policy problem, and it solves a political problem as well. A twofer, the very best kind of political initiative.