What we are watching is Trump’s tariff-induced crash turning into a Truss-style fiscal crisis. The collapse in US government long bonds, Treasuries, is startling, scary. It is precisely the opposite of what Trump and his advisers expected and wanted. It partly reflects heightened fears of US recession - which would see ballooning of US deficit - and may also be revenge selling by sovereign holders in tariff-hit countries. This bond market turmoil also increases risk of margin calls and forced sales by over exposed institutional investors. Another huge day. If the US government struggles in its auctions when selling new government bonds to fund its current deficit, at that juncture surely Trump capitulates to market pressure. The other actors to watch are the central banks - the Fed, Bank of England, Bank of Japan, European Central Bank - and whether they are obliged to act intervene by cutting interest rates and providing liquidity