The Globe and Mail reports in its Friday edition that the Trump administration's borrowing is causing concern in capital markets. The Globe's guest columnist Kevin Yin writes that on May 20, the 30-year U.S. Treasury bond yield exceeded 5 per cent for the first time in nearly two decades, just before the House passed President Donald Trump's "Big Beautiful Bill." Moody's downgraded the U.S. credit rating, marking a rare instance where all three rating agencies rated the U.S. below their top level. JP Morgan chief Jamie Dimon has warned of a potential "crack" in the bond market, largely due to the scale of fiscal irresponsibility in the U.S. None of this suggests that the U.S. is nearing a debt default, which would be unprecedented and disastrous. Elevated yields indicate some market suspicion of increased risk, but it is a misunderstanding of the Treasury market to think default is imminent. Thirty-year yields of 5 per cent are significant due to a concerning trend, not because the government cannot afford them. In the last Treasury auction, buyers purchased 2.46 times the debt available, which was below average. Defaulting would likely trigger a historic financial crisis, something Mr. Trump may not fully grasp.