Anatomy Of A U.S. Treasury Sell-Off

2025-04-19 04:55:00 ET

Summary

• The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US.
• We don't know quite the magnitude or the extent of the tariffs, but we do know that tariffs will contribute to inflation in 2025.
• We strongly believe that Treasuries will exhibit negative correlations for when risk assets come under duress.
• We maintain our belief that the US economy will decelerate and that will cause the Federal Reserve to reduce interest rates.

By Scott DiMaggio, CFA

Transcript

Scott DiMaggio - The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?...

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