🇺🇸 TRUMP GOT CHECKED BY THE BOND MARKET - AND HE REMEMBERS April 2, 2025: Trump drops massive tariffs. The $30 trillion bond market revolts. Yields spike harder than any week since 2001. Stocks crash, dollar tanks, and suddenly the "Liberation Day" tariffs get delayed and downsized. Trump called the bond market "beautiful" once it calmed down. Translation: he blinked. Since then, Treasury Secretary Bessent - a hedge fund guy who knows exactly what he's dealing with - has been running a careful con to keep bond vigilantes quiet. Buyback programs tilted toward long-term debt. Leaning heavy on short-term T-bills. Even consulting investors on Fed chair picks (they vetoed Kevin Hassett for being too Trump-loyal). It's working. Yields are down 30+ basis points, volatility's at four-year lows. But the term premium - the extra yield investors demand for risk - just started creeping back up. The deficit's still 6% of GDP. And here's the kicker: Trump's own economic advisor Stephen Miran torched Biden last year for the exact T-bill strategy Bessent's using now, warning it piles up debt that could explode if rates spike. So Trump's using a plan his own guy called reckless, to keep bond traders from nuking his presidency. The bond market beat him once. It'll do it again if the numbers don't add up - and they don't. Source: Reuters