Bond markets are getting rattled. US 30-year Treasury yields just crossed 5%, the highest since 2007. Japan's 10-year hit a three-decade high near 3%. Germany and France are at multi-year highs too. Why the surge: US debt is nearing $40 trillion, the Iran war keeps pushing oil and inflation up, and AI companies are borrowing heavily to build data centers, competing with governments for capital. Add uncertainty around the Fed's new chair Kevin Warsh, and investors want more return to hold long-term debt. Higher yields mean pricier mortgages and loans across the board, and European stocks are already feeling the pressure.(Lark Davis)