The bond market doesn’t make headlines nearly as often as its more exciting cousin, the stock market, but when it does, look out. At least twice in 2025, bond investors have reacted negatively to U.S. President Donald Trump ’s policies, spooked first by his trade war and more recently by the growing U.S. government debt . Those join a list of other recent bond market tantrums that suggest investors have growing concerns about the state of government finances around the world. But just what is the bond market, how does it work and why is it such a problem when investors get jittery about it? The Financial Post explains.

What is the bond market?

The bond market is a financial market where governments, companies and investors can issue, buy and sell debt in the form of — you guessed

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