Bloomberg Intelligence
US Treasuries Slide in Worst Selloff Since 2019
Apr 11, 2025
Alison Williams, a senior analyst at Bloomberg Intelligence, dives into the surprising shifts in U.S. bank earnings amid market chaos. She reveals how JPMorgan Chase capitalized on trading volatility for record gains while Morgan Stanley also exceeded expectations. However, Wells Fargo fell short, struggling with soft loan demand. The discussion also touches on how foreign investment behaviors and economic uncertainties are reshaping the landscape of U.S. Treasuries and banking.
24:49
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Quick takeaways
- The significant decline in U.S. Treasuries, influenced by both domestic and foreign investor wariness, raises concerns about future market stability.
- Consumer sentiment has drastically dropped due to economic uncertainties and inflation fears, potentially leading to a major downturn in spending behavior.
Deep dives
Concerns Over U.S. Treasury Demand
The declining demand for U.S. Treasuries among foreign investors raises significant concerns in the market. About one-third of the treasury market is held by foreign entities, including central banks, which affects their decision-making on future investments. Current market actions indicate that both foreign and domestic investors are becoming wary, leading to potential increases in yields as sellers outnumber buyers. Historical comparisons suggest that while volatility is present, the current situation mirrors past periods, meaning that although yields are rising, the magnitude may not be unprecedented.
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