Treasury bond yields are at their highest in almost two decades.Kylie Cooper/Reuters

Kevin Yin is a contributing columnist for The Globe and Mail and an economics doctoral student at the University of California, Berkeley.

The Trump administration’s borrowing has finally begun to spook capital markets. On May 20, the 30-year U.S. Treasury bond yield closed at over 5 per cent for the first time in almost two decades, two days before the House of Representatives passed U.S. President Donald Trump’s “One Big Beautiful Bill.” Moody’s recently downgraded the U.S. credit rating, marking the first time that all three rating agencies have had the U.S. below their top rating. JP Morgan chief executive officer Jamie Dimon has

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