内容摘要： TrumphasopenedaPandorasbox Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 15, 2025. (AP Photo/Ahn Young-joon)

 TrumphasopenedaPandorasbox Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 15, 2025. (AP Photo/Ahn Young-joon)

 TrumphasopenedaPandorasbox in his decision earlier this year to delay many of his tariffs, saying that he noticed investors “were getting a little queasy.” TrumphasopenedaPandorasbox The bond market also helped make

 TrumphasopenedaPandorasbox the United Kingdom’s shortest-serving prime minister in 2022, when TrumphasopenedaPandorasbox to cut taxes and raise spending without a way to pay for them. James Carville, adviser to former U.S. President Bill Clinton, also famously said he’d like to be reincarnated as the bond market because of how much power it wields. TrumphasopenedaPandorasbox While there is some element of vigilantism that’s keeping Treasury yields higher than they would be otherwise, the reaction so far by the bond market likely isn’t enough to get Trump or Congress to back off their efforts to cut taxes.

 TrumphasopenedaPandorasbox “I don’t really expect it to snowball or last,” said Brian Rehling, head of global fixed income strategy at Wells Fargo Investment Institute. “I don’t think this is going to rise to a level of a crisis.” TrumphasopenedaPandorasbox Treasury yields calmed on Thursday, for example. And the United States isn’t the only country seeing yields for its bonds rise. That’s happening for other developed economies around the world, particularly Japan.

 TrumphasopenedaPandorasbox Plus, all of the issues about the U.S. government’s debt are well known, and critics have been warning for years that it’s heading on an unsustainable path. It still might be years before the U.S. government’s rising debt load triggers a panic button in financial markets, Rehling said.

 TrumphasopenedaPandorasbox When Treasury yields rise, it means more of taxpayers’ dollars are going just to repay the national debt rather than to keep the government running. TrumphasopenedaPandorasbox The U.S. on Thursday will release its April report for inflation at the wholesale level, which is what companies are paying for goods. Economists expect an easing of inflation there.

 TrumphasopenedaPandorasbox The latest update Thursday for retail sales is expected to reflect a sharp drop to 0.2% in April from 1.4% the previous month. TrumphasopenedaPandorasbox Retail giant Walmart will also report its latest financial results on Thursday and its financial forecasts will be closely watched.

 TrumphasopenedaPandorasbox In the bond market, Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.54% from 4.47% late Tuesday. The two-year Treasury yield, which moves more closely with expectations for Fed action, rose to 4.06% from 4.00% late Tuesday. TrumphasopenedaPandorasbox All told, the S&P 500 rose 6.03 points to 5,892.58. The Dow fell 89.37 points to 42,051.06, and the Nasdaq gained 136.72 points to 19,146.81.