Just a few short months ago, investors weren’t really showing up for bond auctions.

It has to do with what he considers a troubling trend in U.S. government debt.

To attract buyers for the bonds that will finance that deficit, the federal government will have to pay higher interest rates.

Foreigners account for massive portions of bond and stock ownership. Some experts say they fear the economic impact of White House policies.

A government debt sale this week went poorly because potential buyers were spooked by tariffs.

Universities have long issued bonds to raise money, but the amount being issued has nearly doubled in recent years —and is increasing as government funding is paused.

The Trump administration’s tariffs are likely to slow down the U.S. economy, making U.S. companies and government bonds a less attractive asset. International investors have started to think about investing elsewhere.

As the gap between returns on government bonds versus corporate bonds mounts, investors are growing more cautious.

Those losses have stayed elevated ever since the Federal Reserve started raising interest rates.

What’s good for consumers looking for loans could be bad news for the economy.