Credit: Photo Illustration by 731; Photos: Bloomberg (2)
The Big Take
Elon Musk Wants Big Bond Market Reward for DOGE Team's Cuts
US Treasury yields offer a scorecard for the White House’s cost-cutting vows
It was a little after midnight on Feb. 3, and Elon Musk was reveling in the first big trophy from his rapid-fire campaign through Washington to slash government spending. He had just engineered, not even two weeks into President Donald Trump’s new term, the sudden shuttering of the US Agency for International Development.
But then Musk recognized that the ultimate scorekeepers of the success of his small band of cost-cutters were 200 miles away — on Wall Street. There, bond investors had pushed up yields sharply in the run-up to, and aftermath of, Trump’s election and were now refusing to bid them back down.