Borrowing costs are jumping across the US, UK, Europe and Japan at the same time, which is bad for governments, homebuyers, and anyone hoping for cheaper loans.

• The US 10-year yield hit its highest since 2002 and the UK 30-year topped 6% for the first time since 1998.
• Foreign buyers — China, Japan, Gulf states — are buying less US debt just as Washington needs to borrow more.
• Big tech is crowding into the bond market too, with hyperscalers set to borrow a trillion dollars this year.
• Inflation is still too high for the Fed to cut, with core services prices picking up again.
• Record diesel prices from the Middle East war are squeezing small businesses and drivers, and the White House is weighing an export ban that the oil industry says would backfire.

Outlook: With war, deficits, trade fights and inflation all pushing the same direction, yields look set to stay high and housing stays frozen.