By signing up you consent to receive the above newsletter from Postmedia Network Inc.

Thanks for signing up!

A welcome email is on its way. If you don’t see it, please check your junk folder.

The next issue of Investor will soon be in your inbox.

WARREN, Mich. (AP) — President Donald Trump on Tuesday celebrated the 100th day of his second term — yet spent much of his rally marking it in campaign mode, fixated on past grudges and grievances.

He repeatedly mocked his Democratic predecessor, Joe Biden, attacking his mental acuity and even how he appears in a bathing suit. He again uttered the lie that he won the 2020 presidential election. And he attacked polling and news coverage not favorable to him.

And Trump again and again returned to immigration, his signature issue, at the rally that marked his largest political event since returning to the White House — boasting about his administration’s “mass deportation” efforts that have sent arrests for illegal crossings along the U.S.-Mexico border plummeting.

“Removing the invaders is not just a campaign pledge,” Trump said in his 90-minute speech. “It’s my solemn duty as commander-in-chief. I have an obligation to save our country.”

He paused his remarks to play a video of migrants who Trump asserts are gang members arriving at a notorious prison in El Salvador, with rallygoers cheering as images of deportees having their heads shaved were played. And while Michigan has seen unemployment rise since Trump reclaimed the White House, Trump used his speech to defend his administration’s steep tariffs on cars and auto parts — hours after the White House announced it was softening those.

“We’re here tonight in the heartland of our nation to celebrate the most successful first 100 days of any administration in the history of our country,” Trump said, standing before large electronic screens reading “100 Day of Greatness.” He later added: “We’ve just gotten started. You haven’t even seen anything yet.”

His Republican administration’s strict immigration policies have pushed the boundaries of the judiciary, and its protectionist import taxes imposed on America’s trade partners have also sought to reorder a global economy that the U.S. built in the decades after World War II.

Trump has also championed sweeping expansionism, refusing to rule out military intervention in Greenland and Panama, suggesting that American developers could help convert the war-torn Gaza Strip into a Riviera-like resort and even suggesting annexation of Canada. Meanwhile, government-slashing efforts led by billionaire adviser Elon Musk have shaken Washington to its core.

“After a lifetime of unelected bureaucrats stealing your paychecks, attacking your values and trampling your freedoms, we are stopping their gravy train, ending their power trip and telling thousands of corrupt, incompetent and unnecessary deep state bureaucrats, ‘You’re fired!’” Trump said.

By signing up you consent to receive the above newsletter from Postmedia Network Inc.

Thanks for signing up!

A welcome email is on its way. If you don’t see it, please check your junk folder.

The next issue of Posthaste will soon be in your inbox.

After clawing within spitting distance of positive territory in the morning, stocks sputtered hard early this afternoon, with the S&P 500 (and SPDR S&P 500 ETF) tumbling to losses of more than 1% on the day.

The sell-off coincided with a sharp rise in long-term yields on US government bonds, which spiked on news that a government auction of some $16 billion in 20-year Treasury securities was a bit of a dud, pushing yields on 20s above 5%, triggering a similar move in the more widely watched 10-year note and 30-year bond.

Here’s a slow-motion replay:

With Republicans and President Trump pushing hard on a “big, beautiful bill” that’s all but certain to explode the deficit, some analysts have spotlighted the surge in rates in bonds as a potential problem area for the stock market. The surge in bond yields is also a global phenomenon: Japanese 30-year bond yields are at a record high and UK 30-year bond yields aren’t too far off their highest levels since the late ’90s.

You’ll remember that spiking bond yields seemed to contribute to the general sense of chaos during the tariff-related tumble in the market back in April.

In fact, the market for US government debt was one of the main markets “getting yippy” that prompted Trump to temporarily pause his tariff plan.