Long term government bond yields have reached their highest levels in nearly two decades, but rising rates cannot be blamed on deficits alone.

Mike Armstrong and Marc Fandetti explain how bond prices and yields move, why inflation expectations and changing investor demand can push borrowing costs higher, and why the global nature of the selloff matters. They also discuss Home Depot’s struggle with a frozen housing market, the expansion of buy now pay later loans into groceries and utility bills, and whether that trend signals growing consumer stress. Plus, they examine financial pressure on Massachusetts universities and Kevin Warsh’s effort to rethink how the Federal Reserve communicates policy and measures inflation.