According to The Kobeissi Letter, bond yields surged sharply leading up to the April 9th tariff pause as the basis trade unwound, prompting former President Trump to announce a 90-day tariff pause amid rising rates. On April 10th, Trump acknowledged monitoring the bond market, confirming the move was driven by interest rate concerns (source: The Kobeissi Letter, May 23, 2025). For crypto traders, these rapid shifts in traditional markets highlight the growing interplay between macroeconomic policy decisions and cryptocurrency price volatility, especially as traders increasingly use crypto as a hedge against interest rate uncertainty.