Just ask Rachel Maddow:
“So yes, the stock market stuff under Trump has been scary, but if the bond market blows up, say goodbye to the U.S. economy,” Maddow said Wednesday. “And today, what happened is, the bond market started blowing up. When that happened at the opening of the bond markets today, that's apparently what turned things around. That's how we discovered this lovely cave that Donald Trump led us into today on his tariff policy.”
“The bond market falling apart is a much bigger deal than the stock market falling apart in terms of the fundamentals of who we are in the world and how our money and our economy works,” Maddow said. “Because the stability of the U.S. bond market is what we depend on, essentially, for the spine of our economy, everything from mortgage rates in the housing market to the integrity of our multi-trillion dollar national debt.”