Bond yields are rising worldwide while US hiring slows, a bad mix for workers, borrowers, and anyone hoping for cheaper loans.

• Government bond yields are climbing everywhere as investors worry about inflation, deficits, and the Middle East war.
• Private hiring came in weaker than expected in August, the slowest month since January.
• Weak growth plus stubborn inflation is the classic stagflation setup, and central banks are still leaning toward higher rates.
• Energy costs are adding to the pain, with European gas at a three-year high and the UK especially exposed.
• Layoffs are spreading, with Uber cutting about 10% of staff while shifting money toward robotaxis and automation.

Outlook: If yields stay high and hiring keeps slowing, expect more layoffs, pricier mortgages and credit cards, and continued strain on household budgets.