A sustained sell-off in the bond market sent long-term Treasury yields to their highest levels in nearly 20 years this week, rattling both Wall Street and Washington.
Higher yields, essentially the interest rate the government pays to borrow money, also mean higher borrowing costs throughout the economy, from mortgages to car loans.
Amna Nawaz (@realamnanawaz) discussed more with The Washington Post's David Lynch.
The often-congested streets around the National Mall will transform in less than a week into a speedy racetrack.
The Freedom 250 Grand Prix, scheduled for Aug. 23, will be the first-ever IndyCar street race in Washington, D.C. The 1.66-mile circuit takes race cars past the U.S. Capitol, the Smithsonian Air and Space Museum, and crosses the National Mall twice.
The race is part of a series of events hosted by President Donald Trump this year for America’s 250th birthday. In June, he hosted a UFC fight on the South Lawn of the White House.
In an interview with the AP, the Penske Corporation, which owns IndyCar, said it is paying for the “vast majority” of the event.
Free general admission tickets were issued in June, while premium “Champion’s Club” tickets were sold for $5,000 per person for the two-day event.