1. United States
2. Texas
3. Letter

The recent sharp rise in Treasury yields, with the 10-year rate climbing from around 4% to 4.5% in a matter of days, is deeply concerning. This turmoil in one of the world's most stable financial markets reflects a loss of confidence in U.S. assets due to the reckless escalation of President Trump's trade wars through punitive tariffs. As the bedrock that underpins borrowing costs for consumers and businesses, such volatility in Treasury yields has serious ramifications. It signals that global investors are turning away from U.S. debt over fears about the administration's destabilizing policies undermining the full faith and credit of America's financial obligations. While the yield moves may seem small in percentage terms, they are highly abnormal moves for the ultra-stable Treasury market - a sobering sign of the havoc being wrought by Trump's erratic policies on the functioning of global financial systems that depend on U.S. economic leadership and stability. Urgent course correction is needed to restore confidence and prevent even greater economic fallout.