Treasuries Gain Most Since 2020 Amid Tariff Chaos, Fed Rate Cuts
The U.S. Treasury building in Washington, DC.
Photographer: Samuel Corum/BloombergThe Treasury market in 2025 had its best year since 2020 as US trade policy shifts curtailed economic activity and the Federal Reserve cut interest rates in response to weakening labor-market conditions.
At the same time, Treasury yields remained confined to ranges in place roughly since the end of the Fed’s historic 2022-2023 tightening cycle. The 10-year, for example, ranged from 3.86% to 4.81%, its narrowest band since 2021.