Bond-market convulsions look extremely dangerous

Apr 9th 2025

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WASHINGTON, DC

Of all the lines that could have rebounded, this might be the worst. During Asian trading hours on April 9th the yield on ten-year American Treasuries leapt to 4.5% (see chart), with 30-year bonds rising even higher. Early on April 7th the ten-year yield had been just 3.9%. Such yields normally fall when share prices plunge and panic is in the air, since they move inversely to bond prices and investors usually flock to the safety of America’s government debt in times of anxiety. Now stockmarkets are in freefall and yields have jumped anyway.