Trump administration’s push to cut regulations prompts primary dealers to facilitate more trading in government debt
Experts disagree on what will tip us into a new shock, but national debt, AI and private credit are all strong contenders
Bonds have not been a good hedge during the war
Concerns over erratic White House policymaking have driven investors to ‘very stable’ development bank issuers
Plus Treasuries’ declining convenience yield
The US’s status as lowest-cost dollar borrower challenged as investors shun Trump risk
‘Swap’ trades by hedge funds have exploded recently
After sharp market sell-off, debt investors shift focus from inflation fears to likely damage to economies
International official holdings at New York Federal Reserve fall to lowest level since 2012
Ease of trading in world’s most important debt has worsened in recent weeks, banks and investors say
Treasury yields jump in March as investors fret Middle East crisis will ignite fresh burst of inflation
Stocks reverse losses and oil tumbles after US president says there have been ‘constructive’ talks with Tehran
Markets suggest the ramifications are likely to drag on and spread
Debt markets head for worst week in more than a year after energy price surge sparks inflation fears
Plus the fall in Treasury yields
The Federal Reserve is flipping its mortgage bonds into shorter-term government bills, which the Treasury plans to issue more of
Ignore the amateur geopolitical strategists talking eloquently about the end of dollar dominance
Trump has come close to exploding one of the great myths of the investment world
Gold and silver also drop while Treasuries rally
Bank balance sheets lack capacity to intermediate the surging amount of trading in the US government bonds
An uncoordinated, decentralised and gradual buyers’ strike is the actual danger
Long-term yields ticked up after president nominated former governor to lead US central bank
Chair Jay Powell says robust growth and steadying jobs market show borrowing costs are not ‘restrictive’
Investor appetite for blue-chip debt remains strong despite a choppy week for stocks triggered by Trump’s tariff threats
The region’s vast holdings of US government debt give it leverage with the Trump administration
