US bond selloff pushes mortgage rates higher; Russia restricts energy data; Trump's AI summit
Rising bond yields are pricing normal Americans out of housing, while Russia's move to hide its oil data leaves Washington guessing on energy — bad news for buyers, borrowers, and anyone hoping for cheaper gas.
- Government bond yields have jumped past 5%, dragging 30-year mortgage rates near 7.6% and making homes unaffordable for most families.
- To afford an average home you now need about $126,000 a year, but typical pay is closer to $86,000 — a gap wages are not closing.
- Treasury Secretary Bessent admitted the bond market has seized up and had to expand buybacks, but the Treasury keeps flooding the market with new debt.
- Russia now bans public reporting of its oil and gas volumes, prices, and buyers, which hides flows to China and India and makes sanctions harder to enforce.
- Trump plans to release 40 million barrels from emergency reserves — enough to cover about ten days of the shortfall — while refusing any federal AI rules so big tech spending keeps propping up growth.
Outlook: Expect mortgage rates and consumer gloom to stay bad, more emergency oil releases, and no guardrails on an AI buildout that only works if huge revenue shows up soon.