The bond market is one of the few forces in the world strong enough to get politicians to snap to attention. It also helps dictate how much ordinary people have to pay on their mortgages and car loans, as well as how much they earn from their savings accounts and 401(k) plans. This week rising bond yields forced the U.S. Treasury Department into an unusual intervention and raised the specter of higher borrowing costs putting the brakes on consumer spending, the lifeblood of the economy. It also sparked concerns that investors might finally be thinking twice about financing a seemingly endless flow of government borrowing.

U.S. President Donald Trump is angry with Oman over its talks with Iran about managing the Strait of Hormuz that lies between the countries. Trump this week threatened to bomb the sultanate if it “gets in the way.” This comes as Trump faces pressure over his promises for a quick war and a weakened Iran. Talks between the U.S. and Iran have stalled, while Oman and Iran continue discussions. Oman had been trying to mediate peace but is now caught between the powers. It's unclear if Trump's threat will impact Oman’s negotiations with Iran as global economic pressures grow as well.

U.S. stocks slipped further from their record heights after rising oil prices cranked up the pressure on inflation and financial markets. The S&P 500 fell 0.5% Monday but remains near its all-time high set on Thursday. The Dow Jones Industrial Average dipped 0.5%, and the Nasdaq composite sank 0.3%. Wall Street is near records in large part because profits are booming for big U.S. companies, and investors are waiting for the latest updates from the nation’s biggest retailers coming later this week. In the meantime, rising oil prices sent yields upward in the bond market. Stocks slipped in Europe following a stronger finish in Asia.

Day after day over recent weeks, Ukrainian drones have pummeled giant depots belonging to Wildberries, the country’s biggest online retailer, burning estimated billions of dollars’ worth of merchandise and bringing the war home to the broad public. The attacks that hit about 20 depots belonging to Wildberries in a month reflect Ukraine’s ability to strike deep inside Russia and cast a new challenge to President Vladimir Putin nearly 4 ½ years after the start of the full-scale invasion of Ukraine. The strikes have shaken the empire founded by Tatyana Kim, the country’s richest female entrepreneur. Forbes Russia estimated her fortune at $8.1 billion before the strikes began.

U.S. stocks edged back from their all-time high following the latest economic report to come in surprisingly weak. The S&P 500 slipped 0.2% Friday from its record set the day before. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite fell 0.3%. Stocks gave up modest gains from the morning after oil prices swung higher. Also raising uncertainty was a report showing shoppers spent less at U.S. retailers last month. Such data could keep interest rates low, which is something Wall Street loves, but it also raises the risk of slowing economic growth when inflation is still high.

President Donald Trump has been highlighting his economic achievements, pointing to record stock market highs and claims of increased hiring, manufacturing, and investment. Some claims are true, while others are exaggerated or unclear. Ahead of the November 3 midterms, voters are frustrated with the economy and high living costs. An AP-NORC poll in late July showed only 32% of U.S. adults approved of Trump’s handling of the economy. Meanwhile, 69% described the economy as “poor,” with many citing the cost of essentials like groceries and gas as major stressors.