Core Viewpoint - The article highlights growing concerns in the U.S. long-term Treasury bond market, driven by fears of inflation and potential threats to the Federal Reserve's independence due to recent actions by former President Trump [1][2]. Group 1: U.S. Treasury Bond Market - The 30-year U.S. Treasury yield approached 5%, the highest level since July, indicating investor anxiety over inflation risks and the Federal Reserve's independence [1]. - The yield reached 4.92% during trading, with a steepening yield curve reflecting faster increases in long-term rates compared to short-term rates [1]. - Despite closing at 4.913%, the market remains anxious, influenced by Trump's recent actions against the Federal Reserve [1]. Group 2: Political Risks and Market Reactions - Trump's dismissal of Federal Reserve Governor Cook and the Labor Statistics Bureau head, along with his push for acquiring Intel shares, raises concerns about U.S. political risks resembling those in emerging markets [2]. - The political risk score for the U.S. is 41.79, nearing the average of 28 emerging markets at 44, indicating increasing political uncertainty [2]. - The correlation between U.S. political risk and the 30-year Treasury yield has strengthened since 2018, with the dollar index weakening since Trump's tariff announcements [2]. Group 3: Stock Market Performance - Despite rising political risks, the U.S. stock market remains robust, with the Dow Jones up 0.32% and the S&P 500 reaching a historical high [3]. - The S&P 500 has shown a trend where higher political uncertainty correlates with rising stock prices, suggesting a unique resilience in the U.S. market [4]. - The diversity and depth of the U.S. market continue to attract investors, even as concerns about Trump's interventions grow [4].