Part 4/10:
Adding to this cautious sentiment is an emerging view regarding the bond market. Recent changes reflect an erosion of perceived risk, with the yield on 10-year Treasury notes declining. This phenomenon is attributed to growing confidence in various economic measures, including the effectiveness of tariffs and currency management. However, a significant challenge looms on the horizon as the U.S. faces the daunting task of refinancing approximately $10 trillion of debt in the coming months.