Government borrowing costs just hit a 20-month high, stocks are sliding, and the bill is coming straight for working Americans' paychecks — in the form of pricier mortgages, auto loans, and gas above $4 a gallon every single day in August, a record nobody asked for.
The yield on the 10-year Treasury note climbed to 4.79% on Tuesday, the highest since January 2025, according to NBC News. That number isn't abstract — it's the benchmark that sets what you pay to borrow for a house or a car. Meanwhile, the S&P 500 opened 0.7% lower and the Nasdaq dropped 1.3%, wiping out retirement accounts for ordinary savers while the connected class shrugs.
The catalyst: renewed U.S.-Iran hostilities near the Strait of Hormuz, a chokepoint that once carried roughly one-fifth of global oil supply. American strikes on Iranian-held islands were met with Iranian missile retaliation, International Business Times reported, and shipping through the strait remains
