Are US Treasuries Really Losing Their Safe-Haven Appeal?

Investors typically flock to US Treasury bonds as a haven from gyrations in financial markets. They rallied during the global financial crisis, on 9/11 and even when America’s own credit rating was cut.

Yet something unusual happened in early April amid the chaos unleashed by President Donald Trump’s imposition of “reciprocal” tariffs. Instead of rising as riskier assets like stocks and cryptocurrencies tumbled, Treasuries followed them lower. Yields on US government bonds saw their biggest weekly surge in over two decades.