Since President Donald Trump’s inauguration, U.S. Treasury securities have underperformed all major government bond indices with the exception of Japan. This situation raises questions about the effectiveness of Treasury Secretary Scott Bessent’s bond-market strategy. The underperformance of U.S. government bonds marks a notable shift from previous expectations. Japan is the only exception to this trend among major economies. This development could have implications for U.S. borrowing costs and investor confidence.
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