The Bond Market's Grim Reaper: How Trump's Policies Are Killing Off a Century of Fiscal Discipline The bond market, often seen as the stodgy elder statesman of financial markets, is sending out a stark warning signal to policymakers and investors alike.
Yields on long term Treasuries have surpassed what Treasury Secretary Scott Bessent has been trying to defend, indicating that something fundamental has shifted in the way we think about fiscal discipline.
For decades, bond investors have played the role of fiscal watchdogs, selling government debt en masse to punish reckless policies and drive up yields until policymakers change course.