Interest rates are rising quickly — this is how those rising rates are set to increase federal spending and deficits.

At the start of November, the yield on a 10-year Treasury note was hovering around 1.5%, a record low level. Now, following the Federal Reserve’s efforts to tighten money, the yield on the 10-year Treasurys has leaped to 2.86% — the highest it has been since near the end of 2018.