Bond investors see a lot to be worried about from Washington policy. That could have repercussions for taxpayers.

The decidedly unsexy bond market is usually pretty quiet. But when they want to, bond investors can send a loud, clear message to Washington. They did just that Wednesday and Thursday.

Bond yields have spiked this week on investor concern over the tax bill swelling the US deficit. Here's why markets are worried.

This is an updated excerpt of our Markets A.M. newsletter. Get investing insights in your inbox each weekday by signing up here—it’s free. Investors hate bonds right now. Treasury yields have surged o

The Dow closed lower by 817 points, or 1.91%. The broader S&P 500 slid 1.61% and the tech-heavy Nasdaq Composite fell 1.41%. The three major indexes each posted their worst day in one month.

The rise in longer-term U.S. Treasury yields in 2025 has contributed to a record low of minus-1.3% in their 10-year annualized return, according to Bank of America.

From ho-hum debt auctions to plunging long-term bond prices, investors are sending a clear message to governments that in the current climate of uncertainty they need to pay more to borrow for decades ahead.