One year ago, as America was preparing for its hugely consequential presidential election, Bank of America's fund-management survey identified the three risks that troubled investors most for 2025. These were fears of a disorderly increase in U.S. government bond yields, the prospect of a trade war between the world's two military and economic superpowers, and the Fed tightening monetary policy. The world looked like a very different place at the end of 2024 Fast forward one year, and Michael Hartnett's weekly Flow Show report notes mark that U.S. Treasury volatility is at its lowest level since 2021 with 10-year ... (full story)