Bond markets this week have reflected investors’ concerns about the fiscal health of the US economy, which was amplified after Moody’s Ratings downgraded the nation’s top credit rating last week. That broke a relative calm in financial markets after a month of turmoil from US President Donald Trump’s tariff blitz. US stocks had even rallied to within striking distance of a bull market. “The bond market is speaking, equity markets aren’t really listening at this point,” Thomas Taw, head of Asia Pacific investment strategy at BlackRock Asset Management, said in a Bloomberg Television interview. “All these measures that are coming through, whether it’s tax bill, tariffs, et cetera, these are all inflationary type of measures. Thursday’s rebound in Treasuries came after the bond market sold off recently to reflect worries about the US’ surging debt load. Investors are concerned that Trump’s signature tax bill, which narrowly passed the House, would boost the nation’s already swelling deficit. With the yield on 30-year Treasury bonds again passing the 5% mark on Wednesday, the nation’s creditors injected a dose of harsh economic reality into Trump’s fiscal policy. Meanwhile, Federal Reserve Governor Christopher Waller said the central bank could cut interest rates in the second half of 2025 if the Trump administration’s tariffs on US trading partners settle around 10%.