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USA bond market: Treasury bonds fell as Trump's comments on tariff reductions raised risk appetite.
U.S. Treasury bonds faced pressure and declined during intraday trading, extending the overnight drop and maintaining the downtrend by the end of the U.S. session, after President Trump indicated he might grant tariff exemptions to several countries. The intensifying Futures Trade exerted downward pressure on prices, and additionally, the tight schedule for corporate bond issuance saw 16 companies raise nearly 25 billion dollars through bonds. Shortly after 3 PM New York time, yields rose across the board by 6-9 basis points, and the yield curve flattened, with the 2s10s and 5s30s yield spreads narrowing by 0.5 basis points and 2.5 basis points respectively; the U.S. 10-Year Treasury Notes Yield ended at approximately 4.325%.
The new slogan of the USA bond market is: "Don't go against the Treasury of Besant!"
Recently, the USA Treasury Secretary Basant has frequently highlighted the 10-year US Treasury yield. In his speeches and interviews over the past few weeks, he has consistently emphasized the government's plan to lower yields and hopes to keep them low. This is somewhat normal, as controlling the government's borrowing costs is part of the Treasury Secretary's job, but Basant's persistent focus on the benchmark US Treasury has led some Wall Street analysts to adjust their forecasts for 2025. In recent weeks, chief rate strategists from Barclays, Royal Bank of Canada, and Industrial Bank have indicated that, given Basant's efforts to push yields down, they have lowered their forecasts for the 10-year US Treasury.
