The bond market is pushing borrowing costs to 24-year highs, and that hits anyone with a loan — not just bond investors.

• Treasury Secretary Scott Bessent dared the bond market to bet against him, promising to buy up government debt rather than offer higher interest rates.
• Investors took the dare and kept selling, forcing him to step up buying from $2 billion to $6 billion.
• Interest rates jumped anyway, with the average mortgage now above 7%, making it more expensive to borrow for anything.
• The same bond selloff is playing out in nearly every rich country, so this is not just a US problem.

Outlook: Unless buyers return to government bonds, rates stay high and the cost of mortgages, car loans, and credit cards keeps climbing.