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Except the bond yields also tank because everyone can see that we’re maxing out the credit cards
The yield is the interest rate paid on the bonds issued. As the U.S. becomes a worse credit risk, investors demand additional interest to compensate for the risk. Existing bond values tank, because they were issued at a lower rate, and accordingly are paying less than bonds currently issued. Here is an archive link to a recent Economist article discussing the issue.
But those bonds also prop up the value of the dollar so if existing investors decide the bonds are no longer worth holding onto…