Bond yields are climbing to levels not seen in 25 years while gas and diesel costs eat into household budgets — bad news for savers, borrowers, and anyone holding US stocks at today's prices.

• Long-term government bond yields hit 25-year highs, pushing up costs on mortgages, credit cards, and business loans.
• Treasury Secretary Scott Bessent has been borrowing mostly short-term to avoid crashing long bond prices, a stopgap that cannot last.
• Gas is over $4 a gallon and diesel near $6.50, adding over $100 billion to what Americans spend on energy and crushing consumer confidence.
• Stocks are near record highs, but dividend payouts are the lowest ever — people may be fleeing the dollar rather than betting on company profits.
• The US just pulled its last troops out of Iraq after 20 years and $1.8 trillion, while the Iran campaign has already cost tens of billions.

Outlook: Bessent claims Iran will run out of money within two weeks; if that deadline passes and Iran holds, investors could dump US bonds and drive yields toward 6%.