Yields on government debt have risen as Congress weighs Trump’s budget plan. Meanwhile, interest on the debt is approaching $1 trillion a year – on par with proposed Defense spending.

The global savings glut is over and governments have to pay up to borrow; the U.S. situation is especially risky.

"Major financial events often happen first in Japan, for example the late-1990s tech bubble bursting first in Japan," Albert Edwards wrote Thursday.

The rise in longer-term U.S. Treasury yields in 2025 has contributed to a record low of minus-1.3% in their 10-year annualized return, according to Bank of America.

This is an updated excerpt of our Markets A.M. newsletter. Get investing insights in your inbox each weekday by signing up here—it’s free. Investors hate bonds right now. Treasury yields have surged o

Bond yields have spiked this week on investor concern over the tax bill swelling the US deficit. Here's why markets are worried.

From ho-hum debt auctions to plunging long-term bond prices, investors are sending a clear message to governments that in the current climate of uncertainty they need to pay more to borrow for decades ahead.

Treasury Inflation Protected Securities (TIPS) are a good bet to beat nominal (non-inflation-protected) U.S. Treasurys if inflation expectations worsen more than they have already.