Bond vigilantes return: Investors push back on Trump's spending with rising yields
A new economic showdown is brewing between the Trump administration and Wall Street's so-called "bond vigilantes," investors who sell off Treasury bonds to protest fiscal policies they see as too loose. With the US no longer holding a triple-A credit rating and facing annual deficits projected above 6% of GDP, rising yields are signalling investor unease over Trump's heavy spending plans, including massive promised tax refunds. Analysts warn this could be a defining risk for markets in 2026, echoing April's tariff-pause episode when bond market turmoil forced Trump's hand.
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