Bond yields keep climbing to levels not seen in about two decades, dragging stocks down and squeezing everyday people — bad news for investors and savers alike.

• The 30-year government bond yield hit its highest point since 2002, and the 10-year is near 2007 levels.
• Bank stocks led the drop, with Goldman Sachs, JP Morgan, Morgan Stanley, and Bank of America all falling.
• Consumer confidence slid to its lowest since 2014 as people worry about high prices and shaky job prospects.
• More people now say their personal finances are bad rather than good, as high prices eat into savings.
• Investors are pushing yields up because they are worried about inflation and the growing US government deficit.

Outlook: If prices stay high, confidence is likely to keep sinking and a market correction becomes more likely.