Rising borrowing costs are squeezing housing, jobs and the government's own budget, which is bad for buyers and workers but still good for the wealthy who own stocks.

• Government bond yields have pushed past 5.3%, a 24-year high, and borrowing costs across the board have jumped sharply since the Iran war began.
• The Treasury is buying back long-term bonds, but it has to borrow short-term to do it, which could leave banks short of cash.
• Mortgage rates near 7.5% have pushed the typical first-time buyer's age to 40, and banks seized 42% more homes than a year earlier.
• Job growth is the weakest on record for this stretch, with 800,000 jobs quietly revised away over the past 20 months.
• New "Trump accounts" will seed $1,000 of taxpayer money per child, with most of it flowing into the S&P 500 — a fresh pool of buyers for stocks ahead of the midterms.

Outlook: Expect more pressure on housing and jobs into the midterms, with oil and bond yields staying high while another round of strikes on Iran is on the table.