Market analysts say that if markets want to get a feel for broader market anxiety, look no further than Treasuries. Long-term Treasury yields are now starting to rise again, keeping risk sentiment tight as trading unfolds this week. As things stand, traders and investors are losing confidence in any short-term trade deal and US assets have been hit hard. It was the bond markets that allowed Mr. Trump to make the pause concessions on tariffs. Yet after two weeks of chaos, we are no better off than we were then. Essentially, Mr. Trump and the Fed are playing a game of chicken, with one side having to make concessions first. If Mr. Powell and his colleagues move to urgently buy Treasuries, it will bring some short-term relief. However, the move signals that Mr. Trump's hardline stance on tariffs will last longer. (Kim Ten)