Yields Barely Moved as Markets Digest Trump’s Tariff Surprise

The original story by Sawdah Bhaimiya for CNBC.

US Treasury yields were basically stuck in neutral early Monday as traders tried to figure out what President Donald Trump’s fresh tariff push really means for growth and inflation.

At 3:47 a.m. ET the key reads were tiny and steady: the 10-year was at 4.076% (down less than 1 basis point), the 30-year sat about 4.72% (also down under 1 bp) and the 2-year was nearly flat at 3.47%. Yields and prices moved only in the margins – nothing dramatic.

Why the chill? Markets are still sorting the legal and policy mess after the Supreme Court knocked back large parts of the previous tariff regime, and then the White House responded with a new round of levies. Traders are treating the headlines as noise for now rather than a clear, enduring shock to the economy.

Traders are also eyeing the calendar: US durable goods and factory orders land Monday, and the producer price index is due Friday – data points that matter for inflation and rate bets. So while tariffs grab the headlines, fixed-income folks are watching those prints to see whether they need to reprice risk.

Incidentally, the White House announcement came on Truth Social, further feeding the usual swirl of rapid-fire policy and commentary.