Are recent alarm bells a sufficient warning, or will the new president still pursue large-scale stimulus in tax cuts, tariffs, and an immigration crackdown?
As Donald Trump returns to the White House, signals from the bond market are bursting out of the specialist world of financial geeks to become a major news item and a central concern for policymakers.
One is reminded of the Democratic strategist James Carville’s famous quip during Bill Clinton’s presidency that if he could be reincarnated, he would “like to come back as the bond market. You can intimidate everybody”.
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Jim O’Neill was chairman of Goldman Sachs Asset Management and former commercial secretary to the UK Treasury.
