Long-term borrowing costs are at their highest since 2002 and traders now expect the Fed to raise rates instead of cutting — bad news for anyone with a loan, a mortgage, or money in stocks.

• The 30-year Treasury yield has jumped past 5.5%, the highest in more than two decades.
• The bond market now expects four more rate hikes by mid-2027, a full reversal from the cuts traders were betting on nine months ago.
• Consumer confidence has fallen to its lowest since 2014, with people saying they can't afford meat or gas.
• Bond traders are acting like inflation near 7% is coming back, which is why rates keep climbing.
• Meanwhile the White House gathered Musk, Nvidia, Microsoft, Meta, and Palantir for an AI summit that produced no binding rules — just a promise of self-regulation and a plan to rename AI "super intelligence."

Outlook: If borrowing costs keep rising and confidence keeps falling, expect pressure on housing, stocks, and jobs — with more layoffs as companies and government lean harder on AI.