Foreign investors are pulling money out of US government bonds and the dollar is falling, which is bad for American savers, bondholders, and now even cattle farmers.

• Treasury Secretary Scott Bessent's bond buybacks briefly pushed borrowing costs down, but yields snapped straight back above 4.7%.
• Japan is selling US bonds as its own interest rates jump to the highest since 1996, and total foreign holdings dropped sharply in one month.
• Gold has pushed past $4,700 an ounce as central banks — China most of all — swap dollars for metal that can't be frozen or printed away.
• Trump scrapped tariffs on imported ground beef to cool food prices, a move US farmers say finishes them off after tariffs made seed and equipment far more expensive.
• Big banks including Citi now expect Washington to hold bond yields down by force, which would push even more money out of dollar assets.

Outlook: Expect more selling of US bonds and a weaker dollar, with gold the main beneficiary unless Washington finds a way to restore trust.