Trump’s First Test Will Be the Bond Market
Financial markets and official economic indicators over the past few weeks give policymakers around the world plenty to contemplate. Was the recent spike in bond yields a sufficient warning to Donald Trump and his team, or will they still follow through with inflationary stimulus, tariff, and immigration policies?
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LONDON – As Donald Trump returns to the White House, signals from the bond market are bursting out of the specialist world of financial geeks to become a major news item and a central concern for policymakers. One is reminded of the Democratic strategist James Carville’s famous quip, during Bill Clinton’s presidency, that if he could be reincarnated, he would “like to come back as the bond market. You can intimidate everybody.”