As yields are dragged higher in the UK, Europe and Japan, the impact for consumers and businesses will be far-reaching

• ‘Starve the beast’? The $40tn cost of Republicans’ false promises to cut spending

Government borrowing costs around the world have surged to the highest levels in decades amid growing fears over US bond market turmoil.

Anxiety about Donald Trump’s handling of the US economy, and concern that the US president’s war with Iran is driving up inflation, are causing a sell-off in the US bond market.

Manny Rutinel hopes price-tag politics can win key voters in Colorado House race

During his presidential campaign in October 2024, Donald Trump staged a photo op at a McDonald’s franchise in Pennsylvania, where he was briefly taught how to work the fryer and drive-thru window at the closed restaurant, while making several unsubstantiated claims about Kamala Harris’s past summer job at McDonald’s.

The posturing around McDonald’s garnered significant publicity, as Trump and Republicans capitalized on an affordability crisis triggered by high inflation that occurred globally due to the Covid pandemic.

Inflation fuelled by Iran conflict deterring shoppers, especially in the US, says high street chain

• JD Sports boss is still struggling to turn up the heat

The sports fashion retailer JD has cut £50m from its profit forecast as cost of living pressures, fuelled by the US war on Iran, weighed on sales of trainers.

JD Sports, which sells brands including Nike and Adidas, said widespread inflation had hit shoppers’ wallets, particularly its core young shoppers, resulting in a drop in sales across important markets such as the US, where it struggled to shift trainers and other footwear.