Bonds have been selling off over the past few days, signaling deep fissures in the economy and financial markets.

Global markets are reeling over President Donald Trump’s haphazard approach to tariffs and an escalating trade war with China. Stocks have been volatile, and an unsettling shift has emerged in the bond market.

In the usually steady government bond market, the yield on the 10-year Treasury has risen to about 4.5 percent from less than 4 percent at the end of last week.