The Treasury market, arguably the world’s financial backbone, is seeing yields erupt higher as investors respond to the big shifts that could come from a second Donald Trump presidency. This isn’t a buying opportunity.

An aggressive selloff in bonds which began after Tuesday evening’s early election results continued on Wednesday, pushing the 30-year yield up by the most in four years, as traders factored in the likely trade and deficit policies of another Trump administration.

The stories that matter on money and politics in the race for the White House The dollar surged the most in two years and US bond yields jumped as investors strengthened bets that Donald Trump will retake the White House.

Bond yields rose on Wednesday on fears over the deficit on a likely President Donald Trump victory, possibly with Republican control of both chambers of Congress.

Government bond yields and the U.S. dollar were higher. Money markets were getting back on the Trump trade as early results in the U.S. election were declared, JB Were said.