[ZoomerCretin]

Loans and bonds are typically at fixed rates and have months or years-long terms. As you reissue bonds and take out new loans, your overall interest rate on debt approaches the much higher market rate. It doesn't happen immediately.

Expecting interest rates to drop later this year is big for the stock market, which runs on expectations, but doesn't matter to people borrowing money and issuing debt before then, since you cannot attract lenders at rates below the US treasury yield.