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Treasury yields and a 57-percent disapproval poll catch up to Trump as the Iran war enters its third month

The 30-year US Treasury yield crossed 5 percent for the first time since 2007 as bonds from Tokyo to New York extended losses on Hormuz-driven inflation fears, and a CBS News/YouGov poll released Sunday found 57 percent of Americans say Trump's policies are making them financially worse off — even as Sen. Lindsey Graham called the war Trump's "Churchill moment" on CBS. A Foreign Policy autopsy tallied 50–60 percent of Patriot stocks used, nine Gulf bases damaged and 13 US service members killed; the NYT detailed two covert Israeli bases in western Iraq, and Cuba's Díaz-Canel warned of a "bloodbath".

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Iran retained 70 percent of its missile stockpile while the US burned through half of its Patriot stocks and 9 Gulf bases were damaged, Foreign Policy review of war costs finds

US intelligence cited by the New York Times shows Iran still holds 70 percent of its prewar missile stockpile, 70 percent of its mobile launchers, and operational access to more than 90 percent of its missile sites along the Strait of Hormuz, Foreign Policy editor in chief Ravi Agrawal wrote on May 18; the Pentagon's counterpart losses include 217 damaged structures across 15 US bases, at least 9 in Bahrain, Kuwait, Iraq, the UAE, and Qatar significantly hit, half to 60 percent of Patriot defense missiles expended, a third of US Tomahawk stocks, 13 US service members killed and more than 400 injured. US gasoline is up nearly 50 percent year-on-year and diesel 59 percent, the IMF cut its 2026 global growth forecast from 3.4 to 3.1 percent and Russia has doubled monthly oil revenues since the war began. Allies — from Merz in Berlin to host countries in the Gulf — are publicly questioning US reliability.

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US intelligence cited by the New York Times shows Iran still holds 70 percent of its prewar missile stockpile, 70 percent of its mobile launchers, and operational access to more than 90 percent of its missile sites along the Strait of Hormuz, Foreign Policy editor in chief Ravi Agrawal wrote on May 18; the Pentagon's counterpart losses include 217 damaged structures across 15 US bases, at least 9 in Bahrain, Kuwait, Iraq, the UAE, and Qatar significantly hit, half to 60 percent of Patriot defense missiles expended, a third of US Tomahawk stocks, 13 US service members killed and more than 400 injured. US gasoline is up nearly 50 percent year-on-year and diesel 59 percent, the IMF cut its 2026 global growth forecast from 3.4 to 3.1 percent and Russia has doubled monthly oil revenues since the war began. Allies — from Merz in Berlin to host countries in the Gulf — are publicly questioning US reliability.

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Global bond rout deepens as Iran war stokes inflation fears and rate hike bets

Government bonds from Tokyo to New York extended losses on Monday as rising energy prices fueled by the Iran war stoked inflation concerns and reinforced investor bets on further rate hikes by central banks worldwide. Benchmark 10-year U.S. Treasury yields jumped to 4.631%, their highest since February 2025, while Japan's 30-year yield hit a record 4.200%. Markets now price a more than 50% chance the U.S. Federal Reserve will raise rates by December, a reversal from pre-war expectations of rate cuts.

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Government bonds from Tokyo to New York extended losses on Monday as rising energy prices fueled by the Iran war stoked inflation concerns and reinforced investor bets on further rate hikes by central banks worldwide. Benchmark 10-year U.S. Treasury yields jumped to 4.631%, their highest since February 2025, while Japan's 30-year yield hit a record 4.200%. Markets now price a more than 50% chance the U.S. Federal Reserve will raise rates by December, a reversal from pre-war expectations of rate cuts.

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CBS News/YouGov poll: 57% of Americans say Trump's policies make them financially worse off

A CBS News/YouGov poll released Sunday found 57% of Americans believe President Trump's policies are making them financially worse off, with 44% rating their personal financial situation as fairly or very bad. The survey, conducted May 13-15 among 2,064 respondents, comes as the U.S. war with Iran nears its fourth month and the average price of regular gasoline reached $4.51 a gallon, up from $3.19 a year ago. House Speaker Mike Johnson (R-La.) attributed the economic trouble directly to the closure of the Strait of Hormuz.

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A CBS News/YouGov poll released Sunday found 57% of Americans believe President Trump's policies are making them financially worse off, with 44% rating their personal financial situation as fairly or very bad. The survey, conducted May 13-15 among 2,064 respondents, comes as the U.S. war with Iran nears its fourth month and the average price of regular gasoline reached $4.51 a gallon, up from $3.19 a year ago. House Speaker Mike Johnson (R-La.) attributed the economic trouble directly to the closure of the Strait of Hormuz.

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Graham defends Trump's Iran stance as 'Churchill moment,' urges more strikes

Sen. Lindsey Graham (R-S.C.) on Sunday defended President Trump's remarks that he does not think about Americans' financial situation regarding the Iran war, calling it Trump's "Churchill moment" on NBC's "Meet the Press." Graham urged Trump to launch additional strikes on Iran, suggesting targeting Kharg Island if Iran continues to "terrorize the region." Graham argued that a nuclear-armed Iran is the "biggest threat" and that "whatever price we have to pay, we will pay."

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Sen. Lindsey Graham (R-S.C.) on Sunday defended President Trump's remarks that he does not think about Americans' financial situation regarding the Iran war, calling it Trump's "Churchill moment" on NBC's "Meet the Press." Graham urged Trump to launch additional strikes on Iran, suggesting targeting Kharg Island if Iran continues to "terrorize the region." Graham argued that a nuclear-armed Iran is the "biggest threat" and that "whatever price we have to pay, we will pay."

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Kevin Warsh inherits bond market turmoil as Treasury yields surge to 2007 highs

Background: U.S. stock markets have rallied to all-time highs on AI optimism while bond markets signal rising inflation, with the 30-year Treasury yield crossing 5% for the first time since 2007. Today: Incoming Federal Reserve Chair Kevin Warsh confronts a bond market test as the 30-year yield hits 5.11%, the highest since 2007, driven by energy supply disruptions, AI-driven capital demand, and large fiscal deficits. Warsh, a critic of past Fed inflation policy, must navigate a paradox where cutting rates could unanchor inflation expectations while raising them might reassure markets. The AI boom offsets traditional oil shock effects, keeping U.S. demand resilient. The transition is complicated by internal Fed dissent over Jerome Powell's interim role as chair pro tempore, with governors Michelle Bowman and Stephen Miran dissenting over the lack of an explicit time limit. Bond markets now price 2.7% annual inflation over the next five years, the highest since 2023.

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Background: U.S. stock markets have rallied to all-time highs on AI optimism while bond markets signal rising inflation, with the 30-year Treasury yield crossing 5% for the first time since 2007. Today: Incoming Federal Reserve Chair Kevin Warsh confronts a bond market test as the 30-year yield hits 5.11%, the highest since 2007, driven by energy supply disruptions, AI-driven capital demand, and large fiscal deficits. Warsh, a critic of past Fed inflation policy, must navigate a paradox where cutting rates could unanchor inflation expectations while raising them might reassure markets. The AI boom offsets traditional oil shock effects, keeping U.S. demand resilient. The transition is complicated by internal Fed dissent over Jerome Powell's interim role as chair pro tempore, with governors Michelle Bowman and Stephen Miran dissenting over the lack of an explicit time limit. Bond markets now price 2.7% annual inflation over the next five years, the highest since 2023.

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Iran war deepens proxy conflicts in Red Sea and Horn of Africa

The US-Iran war is intensifying proxy conflicts around the Red Sea and Horn of Africa, polarizing rival blocs and driving a battle for resources and influence. The closure of the Strait of Hormuz has heightened the importance of maritime chokepoint security, fueling competition for coastal real estate. The war has deepened rifts between Israel/UAE and Egypt/Saudi Arabia/Turkey, and is exacerbating conflicts in Sudan, Ethiopia, and Somaliland, threatening US and European interests.

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The US-Iran war is intensifying proxy conflicts around the Red Sea and Horn of Africa, polarizing rival blocs and driving a battle for resources and influence. The closure of the Strait of Hormuz has heightened the importance of maritime chokepoint security, fueling competition for coastal real estate. The war has deepened rifts between Israel/UAE and Egypt/Saudi Arabia/Turkey, and is exacerbating conflicts in Sudan, Ethiopia, and Somaliland, threatening US and European interests.

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Trump plans White House helipad; US kills IS deputy in Nigeria; Cuba drone threat alleged

A liveblog covers multiple developments in the second Trump administration: Trump plans a permanent helicopter landing pad at the White House due to newer helicopters posing a fire risk to the lawn; US intelligence alleges Cuba acquired over 300 military drones and is considering attacks on Guantanamo, US military ships, and Key West; the US military killed Islamic State deputy leader Abu Bilal al-Minuki in northeastern Nigeria; the US allowed a sanctions waiver on Russian oil to expire; Putin will visit China days after Trump's visit; Taiwan's president reiterated the island's independence from China; Trump-critical Republican Senator Bill Cassidy lost a primary in Louisiana; a Senate parliamentarian blocked funds for Trump's ballroom project; Venezuela extradited former minister Alex Saab to the US; and the US plans to indict former Cuban President Raul Castro for the 1996 shootdown of civilian aircraft.

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A liveblog covers multiple developments in the second Trump administration: Trump plans a permanent helicopter landing pad at the White House due to newer helicopters posing a fire risk to the lawn; US intelligence alleges Cuba acquired over 300 military drones and is considering attacks on Guantanamo, US military ships, and Key West; the US military killed Islamic State deputy leader Abu Bilal al-Minuki in northeastern Nigeria; the US allowed a sanctions waiver on Russian oil to expire; Putin will visit China days after Trump's visit; Taiwan's president reiterated the island's independence from China; Trump-critical Republican Senator Bill Cassidy lost a primary in Louisiana; a Senate parliamentarian blocked funds for Trump's ballroom project; Venezuela extradited former minister Alex Saab to the US; and the US plans to indict former Cuban President Raul Castro for the 1996 shootdown of civilian aircraft.

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US bases in Germany reportedly used for arms shipments to Israel amid high alert for Iran strikes

The United States previously delivered 6,500 tons of weapons to Israel in late April. Now, Israeli media report that over the past 24 hours, dozens of cargo aircraft transported additional weapons and ammunition from US military bases in Germany to Israel. The Israeli army remains on high alert for possible renewed attacks on Iran, with expectations that President Trump may soon authorize such strikes.

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The United States previously delivered 6,500 tons of weapons to Israel in late April. Now, Israeli media report that over the past 24 hours, dozens of cargo aircraft transported additional weapons and ammunition from US military bases in Germany to Israel. The Israeli army remains on high alert for possible renewed attacks on Iran, with expectations that President Trump may soon authorize such strikes.

Frequently Asked

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What is the current disapproval rating for Trump's policies?
A CBS News/YouGov poll shows 57 percent of Americans say Trump's policies are making them financially worse off.
How high have US Treasury yields risen?
The US 10-year yield crossed 4.5 percent on May 13, and the 30-year yield touched 5.11 percent, the highest since 2007.
What percentage of Iran's missile stockpile remains?
US intelligence shows Iran has retained 70 percent of its prewar missile stockpile and 70 percent of its mobile launchers.
How many US service members have died in the Iran war?
Thirteen US service members have died and more than 400 are injured in the conflict.
What is the status of US Patriot missile stocks?
CSIS says the US has burned through between half and 60 percent of its Patriot defense missiles.