If you expect the rate of inflation to increase, you will want to be compensated at higher interest rates when lending money to the US government via a 10-year note.

“This claim describes a fundamental principle of fixed-income investing. Investors demand a certain "real" return, which is the nominal interest rate minus the rate of inflation. If investors expect inflation to rise, the fixed payments from a bond will have less purchasing power in the future. To compensate for this erosion of value, they will demand a higher nominal yield on new bonds. This relationship is a primary driver of yields on government securities like the 10-year Treasury note. Context: The yield on the 10-year U.S. Treasury note is a benchmark for many other interest rates, including mortgage rates. Therefore, expectations about future inflation have a direct impact on the cost of borrowing for consumers and businesses.”