Understanding California's billionaire tax

**SPEAKER_1** (0:00)
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**Kimberly Adams** (0:31)
Why investors are charging the government more to keep their cash for a while.
From Marketplace in Washington, I'm Kimberly Adams. The Senate is planning a final vote this week on a stopgap bill to fund the federal government through December 11th. The bill keeps money flowing for many, but not all, highway and transit projects. Marketplace's Nancy Marshall Ginzer has more.

**Nancy Marshall Gensler** (0:53)
The Senate's continuing resolution extends authorization for a federal fund for highway and transit projects. It was set to expire September 30th. The Senate bill does not include future funding for some public safety projects. Christina Curtis is with the nonprofit Transportation for America. She used to work for the city of Seattle and remembers when it got a grant for pedestrian safety.

**Christina Curtis** (1:16)
That was $28 million that allowed us to install curb ramps, accessible push buttons and enhanced crossings features at over 50 locations across the city.

**Nancy Marshall Gensler** (1:25)
Curtis says there's also no advance funding in the Senate bill for things like a national network of EV charging stations or projects to reconnect communities divided by federal highways. I'm Nancy Marshall Gensler for Marketplace.

**Kimberly Adams** (1:39)
When investors buy long-term government bonds, they like to be paid some extra yield for locking up their money for 7, 10, or even 30 years. That extra interest investors require is known as a term premium, and over the last week or so, they've been rising. Marketplace's Justin Ho explains why.

**Justin Ho** (1:57)
Investors want more compensation to hold long-term treasuries right now for a couple of reasons, says Guy LaBarre with Jenny Montgomery Scott.

**Guy LaBarre** (2:04)
One is concerns about how much debt these so-called hyperscalers are going to have to issue in order to fund their capital spending, their expansion into AI data centers.

**Justin Ho** (2:16)
LaBarre says all that new debt from the likes of Amazon, Meta, Microsoft, and other big tech companies means that corporate bonds are going to have to pay higher yields to attract investors, and that can make government bonds want to join the party.

**Guy LaBarre** (2:30)
There's a certain amount of interchangeability between a high quality corporate bond and a government bond, and so if there's a lot of issuance, interest rates on both of those are going to have to go up.

**Justin Ho** (2:40)
Bond investors are also growing more concerned about inflation, says Alex Wolf with JP Morgan Chase.

**Alex Wolf** (2:45)
If you have a 10-year bond or a 30-year bond, you're worried that inflation is going to run high, and that will erode the long-term value of your investment.

**Justin Ho** (2:54)
Wolf says one reason investors are concerned is because the Federal Reserve has been sending mixed signals about how it's going to fight inflation. Anna Cieslak with Duke University has studied how the market reacts to Fed communication.

**Anna Cieslak** (3:06)
When the market is uncertain about how the Fed responds to the economy, that imposes additional cost in form of the term premium.

**Justin Ho** (3:17)
And that, in turn, raises borrowing costs throughout the economy. I'm Justin Ho for Marketplace.

**SPEAKER_9** (3:52)
Okay, let's get real about health care for a second. I think we can all agree it doesn't always work the way it should. If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know what I mean. The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a health care company linking patient care and pharmacy services and using data and technology to drive the whole system so care is connected, not complicated, for patients and providers.
Things like making it easier to get care that looks at the whole person, from primary care doctors to mental health support and even in-home care, and then using technology to make sure they all work together. Technology designed to help doctors spend less time on busy work and more time with their patients. And those prescriptions? Optum is bringing costs down, saving patients money and making it easier to get refills. Little by little, Optum is helping make health care work as one, for everyone. Head to business.optum.com to see how.