US Treasury yield is trading in a range that implies some investors are pricing in stagflation, according to one strategist.

That yield shows roughly how much in interest the U.S. government needs to pay investors to get them to lend it cash for 10 years. Washington needs that cash because it consistently spends more than it takes in through tax revenue. And when bond investors are more wary of lending to the U.S. government, yields for Treasurys rise.

Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.