In recent weeks, the US debt market has begun to show the Trump effect.

According to Jin10 data on August 30, the Trump effect has begun to manifest in the U.S. Treasury market in recent weeks, as reported by The Wall Street Journal. Investors anticipating interest rate cuts have rushed to buy two-year U.S. Treasuries, driving down their yields. Those expecting interest rates to remain high over time have sold 30-year U.S. Treasuries, pushing yields up. Dow Jones market data shows that the difference between the yields of two-year and 30-year Treasuries hovers near the highest level since early 2022, which is a key component of the yield curve. Nevertheless, the yield on long-term government bonds is still trading safely below 5%.