US Treasuries take a wild ride

Five charts to start your day

April opened with a classic flight to safety. Trump’s tariff bombshell sent stocks tumbling and ten-year Treasury yields slid under 4.2%. One week later a dismal bond auction flipped the script: yields spiked past 4.5% as investors feared inflation and indigestion. Stocks and bonds falling together – the textbook broken.

Then came the ninety-day tariff pause. Relief bounced through markets, demand reappeared at the next auction and yields retreated to 4.34. Yet they still sit above early-month levels, warning that uncertainty lingers.