Would you not consider 'rising inerest rates' singular? Becuase it is a phrase.
Yup u r right ..its a noun phrase....and noun here is "intrest rates" ,which is plural..so we will use plural verb "make"
Quote from some resource :
The noun together with all pre- and post-modifiers constitutes a single unit, a noun phrase that indicates the complete reference. Any agreement in terms of singular/plural is with the noun at the center.
The boys on top of the house are .............