Lessons from the recent US Treasuries sell-off

近期美国国债抛售的启示

Behind the Money

2025-04-23

18 分钟
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Markets shook after US President Donald Trump announced his so-called reciprocal tariffs earlier this month. But there was one market in particular that got investors particularly worried: Treasuries. What’s usually a safe haven asset suddenly saw huge sell-offs. Trump managed to avoid further pain by pausing large chunks of his tariffs, but the sell-off prompts a discussion about significant structural flaws in the market. The FT’s US markets editor Kate Duguid explains which cracks in the US Treasuries market we can't ignore. Clip from The Wall Street Journal - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Why did Donald Trump buckle? Is the world losing faith in the almighty US dollar? The debt-fuelled bet on US Treasuries that’s scaring regulators  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Kate Duguid on X (@kateduguid). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • In recent weeks, the news of U.S.

  • President Donald Trump's tariffs have caused a lot of instability.

  • For the first few days,

  • it seemed like maybe he was going to try to ride it out, even as markets cratered.

  • But then there was one market that caused him to blink and pause many of those tariffs.

  • I was watching the bond market.

  • The bond market is very tricky.

  • I was watching it.

  • But if you look at it now, it's beautiful.

  • The bond market right now is beautiful.

  • But I saw last night where people were getting a little queasy.

  • What Trump's talking about here is the U.S.

  • Treasury's market, the largest bond market in the world.