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For nearly two decades, historically low interest rates allowed companies to prioritize growth, tolerate weak returns, and rely on performance metrics that ignored the true cost of capital. But a combination of rising federal debt, massive AI-infrastructure investment, and large-scale energy-system spending is now putting sustained upward pressure on long-term interest rates. The result is a more capital-constrained environment in which strategy, investment decisions, and value creation must once again be tightly linked. 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