Chanticleer

Trump’s changing course. The market’s big fear is getting bigger

Donald Trump’s promises to fix the US budget and end “forever wars” look dead. One global investor says that points to bond yields heading far higher.

Jun 23, 2025 – 5.47pm

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On May 13, Donald Trump gave a speech in Saudi Arabia that even one of his most strident critics, hedge fund manager and former White House staffer Anthony Scaramucci, described as one of the best by a US president in decades.

Among the usual self-aggrandising, Trump attacked the interventionist US administrations of the past, railing against “the so-called nation-builders, neocons or liberal nonprofits” who had tried to push democracy on to Iraq and Afghanistan, wasting trillions of dollars in the process.

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.