The canary in the coal mine is singing as global bond selloff raises national debt concerns

The US Treasury Department in Washington, DC, US, on Friday, May 31, 2024. (Credit: Al Drago—Bloomberg/Getty Images)

• Global long-term bond yields are surging, with U.S. 30-year Treasuries near 5% and U.K. gilts above 5.7%, as investors grow wary of mounting debt and political pressure on central banks. Safe-haven gold has hit a record $3,537, while economists told Fortune the bond market “can’t be primaried,” underscoring that investors will pull back if fiscal credibility deteriorates.

As traders head into the final leg of 2025 they are not doing so with overconfidence. In fact, if this week’s bond market is anything to go by, they’re nervous.