The US-China meeting produced nothing concrete, and that's bad news for the US economy as bond yields climb and China keeps dumping Treasuries.

• The summit ended with only a trade truce extension to January — no real deals, no breakthroughs.
• China holds the leverage on oil: its imports are still far below pre-war levels, so it can flood the market and push prices much higher whenever it wants.
• US diesel prices hit a record high, and that cost is now baked into the price of almost everything.
• Government bond yields have pushed past 5.2%, driving a record wave of large company bankruptcies and raising the odds the debt-funded AI buildout stalls.
• China is cutting its Treasury holdings to the lowest level since 2008 and buying record amounts of gold instead.

Outlook: Unless the Iran conflict winds down or rates fall, inflation and bankruptcies will keep climbing while more central banks quietly move out of US debt.