Never mind tariffs – here’s a scary thing that happened to markets this week

While investors were worrying about trade disputes and tariff hikes this week, the US bond markets threw up a nasty surprise. John Stepek explains what's going on, and why it matters.

190510-us-bond-market

Steve Mnuchin, US treasury secretary -worrying about the national debt is so last decade
(Image credit: 2019 Getty Images)

Amid all the talk of trade disputes and surprise tariff hikes this week, markets paid little heed to something else going on.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.