Rising Treasury Volatility Is Evoking ‘Liberation Day’ Memories

Treasury-market volatility is growing on uncertainty over US government finances and concern Friday’s payrolls number may upend bets on Federal Reserve interest-rate cuts.

One-month implied volatility for Treasuries jumped 12.12 points over the last three days, according to a gauge from Intercontinental Exchange Inc. That’s the most on a rolling basis since the same period following “Liberation Day” on April 2, when President Donald Trump announced reciprocal tariffs.