America’s Bond-Market Privilege Is Disappearing as US Debt Soars

For much of the past few years, US Treasuries have failed to serve their traditional role as a sure-fire refuge from global market meltdowns.

During the last three big ones — caused by the post-pandemic inflation shock, President Donald Trump’s tariff rollout and, more recently, his war on Iran — US government bonds offered little protection. In fact, each time they declined alongside risk assets like stocks. In 2022, Treasuries tumbled even more than the Dow Jones Industrial Average.