Tariffs End the Age of US Stocks Exceptionalism
- Treasuries gain favor versus stocks as trade woes simmer
- Sentiment on stocks sours as S&P 500 enters correction
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Investors are the most bullish on Treasuries relative to stocks for at least three years, as President Donald Trump’s tariff policies threaten to end the era of US exceptionalism, the Bloomberg Markets Live Pulse survey showed.
US bonds are expected to deliver a better volatility-adjusted return over the next month than equities, according to a survey of 504 market participants conducted this week. And it’s not even close, with 77% backing Treasuries, the highest level ever in the survey data going back to 2022.