The federal government just got a hard slap from the bond market. Wednesday's Treasury auction was supposed to be a routine affair—another $16 billion in 20-year bonds dumped into the financial bloodstream. But instead of a smooth absorption, the event turned into a red flag for anyone paying attention. Demand was so weak that the yield spiked past 5%—the highest in a year and a stark signal that investors are losing their appetite for Uncle Sam's never-ending debt binge. And why wouldn’t they? With Donald Trump’s new “big, beautiful” budget doing precisely nothing to curb spending, deficits are set to balloon another $3 trillion—on top of the $2 trillion already baked into 2025’s cake. Investors are starting to realize the…
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