Tariff Reversals, Bond Rout & Crypto’s Calm
Investors are dumping the 30-year US Treasury — the world’s most iconic “risk-free” asset — as ballooning deficits and mounting debt erode confidence in Washington’s long-term fiscal credibility. The shift is stark: funds like DoubleLine, Pimco, and TCW are now stacking short-term bonds, chasing yield without locking into long-duration risk.
This flight from the long end has proven prescient in 2024. Globally, long-maturity demand has crumbled as spending-heavy governments push rates higher, and inflation stays sticky. But amid the sell America trade, one asset class is standing firm: crypto.
Bitcoin hit a new all-time high above $111,000 last week before cooling off. With macro anxiety high and policy fog thickening,…
