The Treasury's attempt to push down long-term borrowing costs flopped, which is bad for the dollar, bad for families facing higher prices, and good for gold and Bitcoin.

• Scott Bessent's plan to buy back long-term government bonds didn't work — long-term rates went back up, because swapping one kind of debt for another doesn't fix too much borrowing.
• One comparison making the rounds: it's like paying your mortgage with your credit card — it works for a while, then the gap shows.
• The dollar is falling while gold and Bitcoin climb, as investors doubt Washington will get spending under control.
• Families are getting squeezed from every side — gas near $4.10, Brent crude in the mid-$90s, and back-to-school costs running about $800 per child once clothes and gear are counted.
• Interest on the national debt alone is heading toward $1.4 trillion this year, and TV commentary is pointing at Social Security and Medicare as the things to cut.

Outlook: A new economic pressure plan aimed at Iran and its trading partners lands Monday, but without China's cooperation it likely drags on for months while bond yields stay high.