Tariff Rout Haunts Long-Term Debt Market
April 10, 2025
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6:25Now PlayingTariff Rout Haunts Long-Term Debt Market
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as posted by the channelMike Siegel, Goldman Sachs Global Head of Liquidity Solutions, discusses the impact of tariffs on both the equity and bond markets and how Goldman Sachs is responding to economic uncertainty.
Another violent reversal on Wall Street, this one a rout in stocks that at one point wiped out half of Wednesday’s historic gains, has laid bare the difficulties facing investors trying to navigate one of the least coherent trade policies in modern history.
US stocks sank anew Thursday, 30-year Treasury yields spiked higher, oil tumbled and the dollar fell versus major peers. All of the moves unwound to a large extent the rips across assets seen after President Donald Trump paused the harshest tariffs on most trading partners yesterday afternoon. While all the moves subsided some as the session wore on, volatility gauges remained elevated.
While the massive moves forced unwinding of positions after the prior day’s moves, the underlying cause — uncertainty on Trump’s tariff initiatives and an escalating trade spat with China — remained. The White House confirmed Thursday China now faces a 145% levy on all goods it sends to the US. Trump officials insisted negotiations with many countries were making progress, the White House offered no details or even the names of the partners involved.
“The root cause of all this turbulence is a deep disdain for US assets across the board because of Trump’s trade policies, with investors revolting against everything,” said Scott Ladner, chief investment officer at Horizon Investment. “Supply chains are being scrambled — intentionally because of the White House — and it’s hitting the eco
omy and profits outlooks for American companies. Yesterday was just a head-fake.”
The swift drop in the S&P 500 took the index within 1% of tripping market-wide circuit breakers that pause trading for 15 minutes. Stocks were down about 3% as of 2:30 p.m. in New York.
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