Soaring bond yields threaten trouble

Round numbers should not matter in financial markets, but they do. How many people pay attention to where 11-year Treasury bonds are trading? So seeing yields on America’s 30-year government debt stuck above 5% since May 21st has given investors the shivers. The latest jump came shortly before the House of Representatives passed President Donald Trump’s “big, beautiful”—and deficit-widening—budget bill by one vote on May 22nd.