The bond vigilantes won. The spike in yields helped drive the president to pause his trade war.

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• Stocks got a lot of attention this week, but it was the bond market that may have moved Trump more to pausing the trade war.
• The president said he was "watching" the steep sell-off in bonds before he paused his tariffs on Wednesday.
• Yields are down sharply Thursday, moving back in the direction the Trump team has said it wants.

Bond investors made their message on tariffs clear to Donald Trump — and helped push the president to pause the trade war.