Bonds
Bonds Gain in January as Trump’s Return Drives Topsy-Turvy Month
- Turbulent January leaves US Treasuries index up about 0.6%
- US 10-year yield near 2025 low after round-trip from 4.81%
The US Treasury Department building in Washington, DC.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
For all the trepidation coursing through the bond market at the start of 2025, Treasuries are up on the month as traders remain on watch for how President Donald Trump’s tariff and immigration policies will develop.
After a rollercoaster stretch, the Bloomberg US Treasury index is up about 0.6% this month through Thursday and benchmark yields are hovering near their lows for this year. A positive January return for the world’s biggest debt market seemed unlikely just weeks ago. Bonds slumped in December and in the first half of this month, partly on speculation that Trump’s proposals for steep tariffs would reignite inflation.