Rising Interest Rates Could Disrupt Biden's Plans and Force Fed to Alter Course

Rising interest rates could threaten Biden administration plans and require Fed to change course.

Higher borrowing costs may slow growth more than Fed wants and lead to larger deficits.

Fed says bond market moves reflect stronger growth, not just inflation expectations.

Surge in bond yields transfers pressure into world economy's weak spots.

Fed must discern between normal tightening response and instability in bond market.