What higher interest rates are telling us

Data: Federal Reserve; Chart: Neil Irwin/Axios The bond sell-off and the resulting higher interest rates are largely a story of higher growth prospects in the United States, Treasury Secretary Scott Bessent argued Tuesday. "If we look at the composition of the bond yields — inflation expectations are flat-to-down," he said in a fireside chat at this week's G20 meeting of global finance ministers in Asheville, North Carolina. "This is a growth story. Growth, I believe, is reaccelerating." "We…