Government bonds are selling off around the world and yields are climbing fast, which is bad news for borrowers, stocks, and governments already drowning in debt.

• The US 30-year yield hit its highest level since 2004, and the 10-year is above 5%.
• Global bond yields are averaging near 4% as worries about inflation spread.
• The cause is simple: too much borrowing, too much debt, and spending plans that do not add up.
• Oil near $105 and gas around $4.48 are feeding the inflation fear, with the Middle East still unsettled.
• The Fed is signaling it may need to do more work, which points to higher rates rather than relief.

Outlook: A tense Trump–China meeting and stalled diplomacy leave little sign of the calm markets need, so yields could keep grinding higher.