Treasury yields just hit their highest level since 2007, and mortgage rates crossed 7% for the first time since January 2025. The headline is rising yields. The tradeoff is who pays for it. Mattie breaks down the vocabulary financial news uses to talk about debt (paper, yield, the spread), why the 10-year Treasury is the floor under your mortgage, your car loan and your credit card, why stocks shrugged this time, and how AI borrowing is now competing with the US government for the same dollars. Plus the number the show will keep coming back to: interest on the federal debt has crossed $1 trillion a year.
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