Just as I’ve been warning, here, ‘America is about to get much more EXPENSIVE’.

 This is no ordinary bond-market sell-off. It’s being driven by forces unlike those of the recent past. And it could mark the beginning of a structural economic shift more enduring and more globally consequential than most previous episodes of market volatility.

The leap in the cost of borrowing has been breathtaking. Rates on newly issued 30-year U.S. bonds, considered one of the world’s safest bets, recently hit 5.3 percent, up from 1.7 percent in 2021. The American government hasn’t had to pay such high rates since 2007, on the eve of the global financial crisis. That means more federal revenue goes to service the debt — nearly 20 percent — leaving less available for, say, defense or health care, as grocery costs will continue to soar.

On Main Street, people are struggling to buy homes or refinance because mortgage rates are so high. It’s the same story for auto loans and credit-card balances, and it’s only going to get worse.