U.S. government borrowing costs on longer-maturity debt have risen more quickly than on shorter-maturity debt since so-called reciprocal tariffs were announced. We discuss what drove that reaction and why the difference is likely to persist.

Giving a gift that doesn't fit in a box or come tied with a bow can bring great satisfaction—and long-term benefits.

The market pullback will take time to play out. Planning for an eventual shift to defense beats a “hope for the best” approach.