Can America’s bond market keep defying the vigilantes?

Photograph: Getty Images

Jan 22nd 2026|WASHINGTON, DC|3 min read

A year into Donald Trump’s second term, investors have no shortage of reasons to flee American assets. They must contend with blockbuster deficits, attacks on the Federal Reserve, trade wars—and most recently an obsession with annexing Greenland that at one point looked as if it might blow up NATO. Occasionally, confidence has wavered. It has lately done so again, as the Greenland furore collided with a blow-up in Japanese government bonds , knocking up yields on Treasuries.