The decidedly unsexy bond market is usually pretty quiet. But when they want to, bond investors can send a loud, clear message to Washington. They did just that Wednesday and Thursday.

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.

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

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

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

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.

Chip behemoth Nvidia is closing the U.S. earnings season, as investors digest the appearance of the bond vigilantes in the usually rather sedate corner of long-term government debt.

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