Few things are less sexy but more consequential than the bond market. Its the principle way that the U.S. government borrows money, and only works when market participants think that the bonds are worth buying. They still do, but every auction of new bond provides an opportunity to determine just how much.
Watch dogs like to focus on the likelihood that the US could lose its AAA rating. This effectively makes US bonds more risky, expensive and less competitive. Our current debt will become that much more difficult to pay off.
