Yields just hit peak housing bubble levels. Get ready for a world of higher borrowing costs

• Long-term interest rates have mostly been in steady decline since the mid-1980s thanks to low inflation and the supremacy of the U.S. dollar. Deficit concerns and a slowdown in global trade, however, might continue exerting upward pressure on Treasury yields.  

Proposed tax cuts in the GOP’s “big, beautiful” bill have investors dumping Treasuries like it’s 2007. This time, however, the recent spike in long-term bond yields might be less of a momentary uptick than a sign of what’s to come for American borrowers.