What We Learned About Treasuries on the Night of April 8
Odd Lots
Bloomberg
4.4 • 1.6K Ratings
🗓️ 28 April 2025
⏱️ 47 minutes
🧾️ Download transcript
Summary
When stocks are plunging in a typical market environment, people reach for safe haven assets like US Treasuries. But we've seen that phenomenon break down more and more. It broke down in a sustained way during the intense inflation of 2022. And it's been breaking down again, in an acute way, since President Trump's so-called "Liberation Day." On the night of April 8 and early morning of April 9, we saw a major spike in yields. As Trump put it, the bond market was getting the "yips." But what was actually going on? Who was selling? And why? And what have we learned more broadly about technical and economic demand for US government debt? On this episode, we talked to Ira Jersey, the chief US interest rate strategist at Bloomberg Intelligence, for a crash course in what drives the bond market in both the short and long terms.
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Transcript
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| 0:22.2 | Is this a negotiation or the new rules at a game? |
| 0:24.8 | It could be either. |
| 0:25.8 | It is up to the president how he wants to negotiate. |
| 0:28.7 | A deal is going to be made with China. |
| 0:30.4 | Nothing's over yet. |
| 0:31.4 | There's been a lot of confusion up to now. |
| 0:33.2 | A 90-day pause is not an eradication. |
| 0:35.8 | Where is this leading to? |
| 0:37.0 | Trust Bloomberg Television for all the context and clarity you need as the tariff and global economy story evolves. |
| 0:43.5 | This year's bear case, very quickly, becoming the base case. |
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| 1:10.4 | Hello and welcome to another episode of the All Thoughts podcast. |
| 1:13.9 | I'm Tracy Allaway. |
| 1:15.0 | And I'm Joe Wazenthal. |
| 1:16.6 | Joe, one of the struggles we're having right now is that so much is happening, so much has been going on, that it's hard enough to keep up with the immediate news. |
| 1:26.3 | But it's especially hard to stop and kind of |
| 1:29.5 | ponder and analyze what just happened. You sort of move on to the next thing immediately, right? |
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