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Why Trump's Trade War Poses Risks to the Dollar, Treasuries
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April 30, 2025
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2:27Now PlayingThe Treasury Department said it’s now looking at “enhancements” to its buybacks of older US government debt securities, just weeks after Scott Bessent hinted at the potential to beef up the program in the event of any major market turmoil.
“Treasury will evaluate a broad range of possible enhancements such as: changes to maximum purchase amounts, buyback operation scheduling and frequency” and other details, it said in a statement Wednesday.
After an unusual tandem selloff of Treasuries with stocks and the dollar that saw yields climb the most since 2001 earlier this month, Treasury Secretary Bessent said in a Bloomberg interview that his department had a “big toolkit” to deal with emergencies. He said, “We could up the buybacks if we wanted.”
That “extreme volatility” in Treasuries was caused by factors including concern over President Donald Trump’s tariff announcements, concerns about any threat to Federal Reserve independence, uncertainty about the economic outlook and a bout of de-leveraging by investors, according to the Treasury Borrowing Advisory Committee — an outside panel of dealers, investors and other bond market participants.
Jim Caron, Chief Investment Officer of the Portfolio Solutions Group at Morgan Stanley Investment Management, explains how the economic uncertainty resulting from the US-led trade war and tariff regime might affect your portfolio, particularly when it comes to dollar-denominated assets. Jim speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.
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