The bond market pushed back Tuesday.

The yield on the U.S. 10-year Treasury rose to 4.29%. That was up 0.06 percentage points on the day, pushing the benchmark to its highest level since September, when short term rates were 75 basis points higher than they are now. That is unusual. It means global investors are selling long term U.S. government debt and demanding higher returns, even as the Fed moves in the opposite direction.

The move came as President Trump revived tariff threats. Still miffed over not being awarded the Nobel Peace Prize in 2025, Trump said Saturday that imports from eight NATO countries would face tariffs starting at 10% on Feb. 1 and rising to 25% by June 1 unless they support a U.S. purchase of Greenland. He later threatened 200% tariffs on French wine and champagne after French President Emmanuel Macron declined to join Trump’s newly created “Board of Peace.” Investors, apparently upset over the self-imposed uncertainty created by Trump, responded by demanding higher returns to hold U.S. debt.

Against that backdrop, legendary investor Ray Dalio issued a familiar warning from the World Economic Forum in Davos, Switzerland. Dalio, whose net worth is $15.4 billion, is the founder of Bridgewater Associates, among the world’s largest and most successful hedge funds with over........

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