President-elect Donald Trump will have to grapple with concerns about debt as long-term Treasury yields rise and it becomes ever more likely that the deficit will be a major concern during his second term in office.

The 10-year Treasury yield has been rising since mid-September and is now at 4.43% as of Friday. That means that spending on the interest on the federal debt is only set to increase, adding to deficits under Trump and raising the fiscal cost of any policies that raise the deficit, such as tax cuts.