I recently wrote about a somewhat mysterious group of financial traders known as the bond vigilantes. Their actions caused Donald Trump to abort many of his Liberation Day tariffs, but that does not make them the good-guy defenders of democracy. In fact, they are quite the opposite.

Many understood that point, thankfully, but others wondered about the government bond market, how it worked, and why the value of something fully backed by the faith of the U.S. government might be mutable in value.

Readers had questions and the answers will help us understand why Trump flinched when the bond vigilantes drove up the interest rates on government bonds.

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