The Iranians have Trump right where they want him and suggest he seek ‘a dignified exit’

ONE BIG THING Bond vigilantes are on the move as Treasury market blows through Scott Bessent’s red lines The bond market is currently pricing risk correctly, according to Johns Hopkins economist Steve Hanke—and what it’s pricing in is ugly. In an interview with Fortune’s Nick Lichtenberg, Hanke argued that President Trump has inadvertently mixed what he called “a deadly cocktail” for Treasuries, and the result is a bond selloff that has already pushed yields past the informal threshold Treasury Secretary Scott Bessent has been trying to defend. Hanke said, “the bond vigilantes have come out of hibernation” in reference to…