NEW YORK (AP) — He's called the spiraling federal debt a disaster, leads a party of avowed fiscal hawks and has promised to balance the budget.

But if you expect Donald Trump to act as a model of fiscal rectitude as president, the bond market has a message for you, and a very Trumpian one at that:

"Wrong!"

Investors have been yanking money out of bonds around the world since Trump's victory became apparent early Wednesday, sending prices tumbling and wiping out several months of gains. They expect higher debt, higher inflation and higher interest rates — all negatives for bonds.

Bond investors...