Trump's Real Problem Is The Bond Market
Trump's real problem is fast becoming the bond market, warns the CEO of one of the world's largest independent financial advisory organisations.
The warning from Nigel Green of deVere Group
The benchmark US 10-year Treasury yield has jumped to 4.631%, its highest level since February 2025. The 30-year Treasury yield briefly hit 5.16%, near three-year highs, while the two-year yield climbed above 4.1%.
Brent crude surged past $110 a barrel as the Iran conflict intensified and military escalation around the Strait of Hormuz drove a sharp repricing across energy markets. Roughly 20% of global oil supply passes through the corridor.
Nigel Green says markets are beginning to connect geopolitics, inflation and bond yields directly to equity risk.
The deVere chief executive notes that investors spent much of the last year assuming inflation was fading, rate cuts were approaching, and AI-driven growth would keep lifting equities higher regardless of the macro backdrop.
He warns that the AI and tech rally has masked growing fragility underneath broader markets.
Nigel Green says the White House is now trapped between two deeply uncomfortable outcomes over Iran.
He says the bigger issue now extends beyond the Federal Reserve and into sovereign debt itself.
The CEO says markets are entering a completely different regime from the one investors became used to after 2008.
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