Abdul El-Sayed, an epidemiologist-turned-politician, has no particular background in the Treasury markets. Yet, Wednesday morning, the Democratic nominee for U.S. Senate in Michigan offered his armchair analysis of the bond rout on X, writing that it was a “ringing alarm bell,” that investors’ confidence had been undermined by inflation, the war with Iran, and pressure on the Fed. President Donald Trump, El-Sayed argued, was risking the economy in order to give it a “temporary sugar high through the midterms.”
The post is just one in a fleet of partisan spin that El-Sayed and every other Senate candidate might make. And the forces driving the bond market are considerably more calculated than his post suggested.
