Hassett, director of the National Economic Council, said volatility in the bond market was not the immediate reason for Trump's suspension of tariffs, but may have added "a little bit of urgency" to the decision. "Everything is going in order. There's no question that yesterday's Treasury market reacted like this, you know, it's time to act, I think, maybe with a little more urgency. But it's going to happen," Hassett said. Overnight on Wednesday, the yield on the 10-year Treasury rose above 4.5 percent, the yield on the 30-year Treasury surged above 5 percent, and bond prices plummeted.