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![KobeissiLetter Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::3316376038.png) The Kobeissi Letter [@KobeissiLetter](/creator/twitter/KobeissiLetter) on x 945.3K followers
Created: 2025-07-07 16:59:00 UTC

It's like clockwork:

Trump's "tariff letters" go out, and the 10Y Note Yield is back to 4.40%.

Yields are just ~20 basis points below the highs seen when President Trump announced a 90-day tariff pause.

We have reached a point where yields are rising regardless of the trade war situation.

Deficit spending has completely taken control of long-term rates.

The market is crystal clear.

![](https://pbs.twimg.com/media/GvRMR2hWYAADAgs.jpg)

XXXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1942267115152552231/c:line.svg)

**Related Topics**
[longterm](/topic/longterm)
[government spending](/topic/government-spending)
[trade war](/topic/trade-war)
[donald trump](/topic/donald-trump)
[tariffs](/topic/tariffs)
[trumps](/topic/trumps)

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