US markets are dropping hard as bond yields and oil prices spike together, which is bad news for borrowers, stock investors, and regular Americans facing higher prices.

• 30-year bond yields hit their highest level since the 2007 financial crisis, pushing borrowing costs up across the economy.
• Oil prices jumped above $109, raising fears that gas, groceries, and business costs will climb further.
• The Middle East conflict with Iran is fueling inflation fears, and Trump keeps sending mixed messages about whether the US needs the Strait of Hormuz open.
• US national debt now tops 100% of GDP, and interest on the debt is overtaking military spending, a historic warning sign for a major power.
• Trump made over $220 million in stock trades in Q1, including Palantir, Nvidia, and Boeing, and was fined just $200 for late disclosure of millions in Microsoft and Amazon trades.

Outlook: With oil rising, bond yields high, and no clear policy direction from Trump, more market pain looks likely in the near term.