Gaping budget deficits, on-again-off-again tariff wars and now, soaring bond yields. No wonder the markets are jumpy, our columnist says.

Financial crises come and go — and then come right back again. But they never seem to entirely go away. That’s been the pattern of this Trump administration.

Staying calm and taking a long view is what you are supposed to do in investing. But with the on-again-off-again Trump tariffs disrupting world markets, big budget deficits looming and a fickle stock market, there’s been plenty to worry about. Add to all that soaring global bond yields and you’ve got a recipe for sleepless nights.

Climbing global bond yields are just beginning to attract widespread attention. Bonds have never been as sexy as stocks in the United States, but the bond market has always had the quiet capacity to dominate the economy and instill fear around the world, and its awesome powers are