Bond Market in Free Fall as Debt Burden, Policy Uncertainty Roil Markets

A global bond‑market rout sends long‑dated yields to multi‑decade highs (30‑year near 5.3%), driven by concerns about the rising U.S. debt and deficits and uncertainty over Fed Chair Kevin Warsh’s inflation strategy; Washington’s quick fix of larger Treasury buybacks provides only temporary relief as the debt climbs above $40 trillion and July deficits hit $432 billion. Elevated energy prices and supply risks keep inflation risks elevated, while equities retreat ahead of Nvidia’s earnings and the Fed’s Jackson Hole symposium amid lingering policy ambiguity.