Long-term government debt yields in August posted one of their most dramatic downswings in recent memory as recession fears mounted.
The Chinese response drew Trump's ire on Twitter, where he said on Aug. 23 that he was ordering U.S. companies to "immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."
Those uncertainties manifested themselves in the U.S. bond market and shape of the yield curve, which as of Friday afternoon showed the yield on the 2-year Treasury note still above that of the 10-year rate. "I read price action all year up until August as the market saying [the Fed] will put this midcycle adjustment in and it'll work. Or that things aren't bad enough, but the Fed will some insurance in," said Priya Misra, head of global rates strategy at TD Securities.
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