An unnerving building is beginning to spread as President Donald Trump’s commerce warfare hammers monetary markets: US Treasuries, a long way from providing refuge from the turmoil, are abruptly dropping their haven enchantment.For James Athey it’s bringing again recollections of the basis-trade unwinds on the onset of the pandemic — when in style deleveraging sparked blowups of the preferred hedge fund technique that despatched bonds tumbling.
