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Just a few hours ago, as of this taping, President Trump announced increased tariffs of 125% on China,
and a 90-day pause on tariffs for dozens of other countries.
It's the latest in what has been a whiplash kind of week.
Last Wednesday, the president introduced tariffs on all U.S. imports,
with higher levies on some of its largest trading partners.
The announcement sent markets into chaos, and through it all,
Bloomberg has been watching the movement in one market, especially closely, the bond market.
U.S. treasuries have long been considered a safe haven, a place to put money in times of economic turmoil.
But in the days before Trump's reversal, investors started dumping them.
This is a historic week for the Treasury market.
Those long-end yields have risen some 50 basis points just from Monday alone.
That sent yields surging by the most we've seen since the start of the pandemic,