Lofty

It’s a great time to be investing in bonds. They’re paying much higher yields than they have in a long time. For example, the yield on the 10-year Treasury note rose to 4.34% in mid-August, its highest level since November 2007. Yields could remain elevated for a while, too, as it looks like the Federal Reserve will keep interest rates high for some time.

But while savers may be enjoying higher rates, especially on cash-like investments, borrowers aren’t so fortunate. Lofty rates hurt companies that issue a lot of debt, especially the floating-rate kind, which describes most business loans. Now, the most-indebted companies are facing higher interest expenses on top of wage and price inflation. 
–Barron’s