Michigan Senate candidate Abdul El-Sayed blamed President Donald Trump’s “mismanagement” for a global sell-off of bonds in this week.
“Traders are selling them off because they understand that Trump’s war of choice and trade war are making things more expensive, and he’s pressuring the Fed to keep it from doing its job despite the rising inflation he’s creating,” El-Sayed said in a statement.
The White House did not immediately respond to a request for comment.
By midday, the yield on 10-year U.S. Treasury notes, which influences mortgage rates and other borrowing costs, was again near its highest mark since January 2025. The yield on 30-year bonds also inched up toward a 20-year high that it’s been flirting with for a few weeks.
Investors have been fleeing bonds over worries that an impasse in the Middle East will continue to fuel inflation around the world and force central banks to raise interest rates to help keep prices in check.
El-Sayed’s statement comes after Vice President JD Vance on Monday amplified the already caustic tone of Michigan’s close Senate race, calling El-Sayed “a very, very evil” person.
Treasury Secretary Scott Bessent downplayed concerns over rising bond yields Tuesday, saying that “Since President Trump came into office Jan. 20, 2025, it’s been the best performing bond market among major countries in the world.”
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