The government's attempt to calm the bond market failed within a day, and stocks fell hard — bad news for investors and for anyone holding US debt.

• Treasury Secretary Scott Bessent spent $4 billion buying back government bonds to push long-term rates down; the effect wore off in less than a day.
• Long-term borrowing costs are back near levels last seen during the 2008 financial crisis, and the Dow fell 700 points.
• Investors are spooked because US debt just crossed $40 trillion, with interest alone now costing over a trillion dollars a year.
• The next idea on the table — printing money to buy back bonds — would weaken the dollar.
• Oil is pushing toward $90 a barrel because the Strait of Hormuz is still closed and Trump has called off the Iran peace deal.

Outlook: With no peace deal and no cheap fix for the debt, bond yields and oil prices are likely to keep climbing.