{"id":14372,"date":"2025-04-12T05:51:02","date_gmt":"2025-04-12T05:51:02","guid":{"rendered":"https:\/\/infundpros.com\/?p=14372"},"modified":"2025-04-12T05:51:02","modified_gmt":"2025-04-12T05:51:02","slug":"liquidity-worsens-in-29tn-treasury-market-as-volatility-soars","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14372","title":{"rendered":"Liquidity worsens in $29tn Treasury market as volatility soars"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=5b436a19-4061-48a8-87fa-94c0c8d83e0e&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Treasuries dropped on Friday in volatile trading, as market participants warned of growing strains in the $29tn market for US government debt.<\/p>\n<p>The 10-year Treasury yield climbed as much as 0.19 percentage points to 4.58 per cent on Friday, amid a deepening slump for an asset traditionally considered the global financial system\u2019s premier haven. <\/p>\n<p>The yield later reversed some of those gains to trade at 4.48 per cent after Boston Fed President Susan Collins told the Financial Times the US central bank \u201cwould absolutely be prepared\u201d to deploy its firepower to stabilise financial markets should conditions become disorderly. <\/p>\n<p>President Donald Trump\u2019s erratic tariff policies have shaken investors\u2019 faith in US policymaking and the economy, sparking an exodus from American assets. The 10-year yield rose almost 0.5 percentage points this week, the biggest rise since 2001, according to Bloomberg data. <\/p>\n<p>While Trump backed down from his so-called reciprocal tariffs on non-retaliating countries earlier this week \u2014 agreeing to a 90-day hiatus for most major US trading partners \u2014 he placed steeper levies on Chinese imports. <\/p>\n<p>\u201cThere is real pressure across the globe to sell Treasuries and corporate bonds if you are a foreign holder,\u201d said Peter Tchir, head of US macro strategy at Academy Securities. \u201cThere is a real global concern that they don\u2019t know where Trump is going.\u201d <\/p>\n<p>\u201cWe are concerned because the movements you see point to something else other than a normal sell-off,\u201d said a European bank executive in prime services, a division that facilitates leveraged trading for firms including proprietary traders and hedge funds. \u201cThey point to a complete loss of faith in the strongest bond market in the world.\u201d<\/p>\n<p>Traders said poor liquidity \u2014 the ease with which investors can buy and sell Treasuries without moving prices \u2014 was exacerbating market moves. <\/p>\n<p>Analysts at JPMorgan said market depth, a measure of the market\u2019s ability to absorb large trades without significant shifts in price, had significantly worsened this week, meaning even small trades were moving yields significantly.\u00a0<\/p>\n<p>As he travelled to his Mar-a-Lago resort on Friday, Trump said: \u201cThe bond market\u2019s going good. It had a little moment, but I solved that problem very quickly.\u201d<\/p>\n<p>When asked to what extent the bond market factored into his 90-day pause of reciprocal tariffs to non-retaliating countries, the president suggested it did not, despite saying so earlier in the week. \u201cI want to put the country in an unbelievable economic position. Which is where we should be,\u201d he said.<\/p>\n<p>The head of Treasury trading at a major US bond manager said liquidity was \u201cnot great today\u201d and explained that \u201cmarket depth was running 80 per cent below normal averages\u201d on Friday. <\/p>\n<p>\u201cIf a stiff breeze blew through the Treasury market today, rates would move a quarter point,\u201d added Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott. <\/p>\n<p>Friday\u2019s Treasury volatility was accompanied by a drop in the dollar.<\/p>\n<p>A gauge of the currency\u2019s strength against major peers fell as much as 1.8 per cent on Friday. Sterling, the Japanese yen and the Swiss franc all made significant gains. <\/p>\n<p>Trump said of the dollar: \u201cWe\u2019re the currency of choice. We\u2019re always going to be\u2009.\u2009.\u2009.\u2009I think the dollar is tremendous.\u201d<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/5b436a19-4061-48a8-87fa-94c0c8d83e0e\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14372","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Liquidity worsens in $29tn Treasury 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