The Globe and Mail reports in its Tuesday, May 26, edition that the bond market is signalling trouble for the global economy, with the yield on the 30-year U.S. Treasury reaching its highest level since before the 2008 financial crisis. The Globe's guest columnist Christopher Collins writes that the 10-year yield, which influences mortgages and corporate borrowing, has risen over 4.65 per cent, a significant increase since March. These movements indicate that the bond market is now reacting to the U.S. behaving more like a volatile emerging-market economy. In a showdown between bond markets and political rhetoric, Mr. Collins says the bond markets will prevail. In 2025, President Donald Trump managed to stabilize the bond market, pausing after yields spiked following his April tariff announcements and threats about Greenland, as well as his comments on possibly firing Federal Reserve chair Jerome Powell. Markets anticipated the trend: yields rose, Mr. Trump backed down, and the TACO traders (Trump always chickens out) profited. However, the current drivers of U.S. bond repricing are structural rather than rhetorical, meaning lowering yields will take more than just a few of Mr. Trump's tweets.