Back in 1993, the great Democratic strategist James Carville—famous for his quip, “It’s the economy, stupid”—told the Wall Street Journal that he used to think that if reincarnation existed, he wanted to come back as the president, the pope, or a .400 baseball hitter.

“But now I would like to come back as the bond market,” he said. “You can intimidate everybody.”

Indeed, in the late spring of 2026, bond investors seem to be throwing an early 1990s-style fit again as the 30-year Treasury yield has hit its highest point since before the Great Recession: 5.198%.

It’s tempting, analysts say, to paint another narrative like that of the 1990s, when bond investors drew yields higher on fears that Bill Clinton would let the deficit go wild. But this isn’t Carville’s bond market, Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott, told Fortune.

“I get that the sort of story, of a couple guys in a room saying inflation is going to go higher, we’re going to fight back against the government, I get why that’s like an ongoing narrative,” LeBas said. But that group—the so-called bond vigilantes, a phrase coined by economist Ed Yardeni—“doesn’t exist,” according to LeBas.

The reason why, he said, is that the bond market has become far too large and too dominated by nondiscretionary buyers like pension funds for a handful of participants to engineer a message. The cleaner explanation, in his telling, is basically automatic: momentum-driven funds that buy when prices rise and sell when they fall, going into a thin week with the stock market near all-time highs.

However, not all analysts are dismissing that news that quickly. Close bond watchers could have predicted this last week, when the Treasury auctioned off 30-year T-bills at a 5% interest rate; an amazing deal for investors, where you can loan the government money for 30 years and get approximately 5% back a year. It sounds like free money, but investors shied away; demand was “middling,” the FT reported.

That weak auction, with Tuesday’s record-high yield, pointed in the same direction: Investors expect inflation to slowly eat their returns over the long end. It’s not a proximate cause, but something deeper, said Eric Leeper, a University of Virginia economics professor and expert on monetary-fiscal interaction.

“Wow,” Leeper responded to this Fortune reporter reading him the current 30-year yield. “It’s got to be some serious uncertainty about future inflation.”

The bond market has agitated over recent weeks, climbing higher as it became clear to markets that the Strait of Hormuz closure was going to last further than a few weeks as Iran and the U.S. struggled toward a peace deal. Now, about two-thirds of investors think that the 30-year could rise above 6% in the next year, according to Bank of America Research’s global fund manager survey.

The rout could spur Trump into getting a peace deal—any peace deal—done with Iran before it rains on the parade of the months-long AI rally that has broken records. The last time the 10-year-Treasury yields went above 4.6% Trump backed out of his Liberation Day tariffs after it caused a mass selloff.

But there’s an even more immediate trigger investors could blame: Kevin Warsh. Trump’s pick to chair the Federal Reserve isn’t distrusted so much as unknown.

The fear is that Warsh, in an attempt to appease his boss, cuts into an inflationary, energy-shocked economy, and markets are demanding extra yield as insurance against exactly that.

“It’s not so much that people have no confidence in Warsh,” Leeper said. “It’s that they’re not sure what they’re getting.”