Analysts warn that the U.S. financial markets could face significant turmoil next year if government debt continues to escalate. Swiss Re Chief Economist, Mathias Haegeli, indicated that U.S. 10-year Treasury yields might exceed 5% under the incoming Trump administration's fiscal policies. The potential for a 'Liz Truss moment' looms, suggesting a sharp increase in borrowing costs could destabilize markets. Concerns are rising as heavy Treasury borrowing is creating funding pressures and distorting stock, bond, and credit markets. Pimco CEO Manny Roman noted the return of 'bond vigilantes,' who are closely monitoring Trump's policies for inflationary signals. With fiscal expansion promised by Trump, the financial markets are expected to act as arbiters of the growing national debt, which is already at concerning levels.