Government borrowing costs are jumping worldwide as lenders demand protection from inflation, which is bad news for savers, borrowers, and anyone hoping for lower rates.

• The world now owes $365 trillion, with the US share growing by tens of thousands of dollars every second.
• Trump has pointed to inflation as the way to shrink the debt load, which also shrinks the value of savings and paychecks.
• Bond buyers are responding by demanding higher interest to lend, since inflation would eat their returns.
• US 10-year borrowing costs hit their highest since 2002, Britain's 30-year topped 6% for the first time since 1998, and Japan's hit a record.
• Higher rates have pushed the US housing market down to activity levels last seen in 1995.

Outlook: If governments keep leaning on inflation to handle their debts, lenders will keep pushing rates higher and rate-sensitive markets like housing will stay frozen.