The "new world order" in the US Treasury market has raised concerns about long-term Treasuries

The "US bond sell-off" trade that swept the market earlier in April is likely to deal a lasting blow to investors' willingness to hold the US government's longest-dated debt, the main pillar of the government's deficit financing vehicle. The problem for bond managers at BlackRock, Brandywine Global Investment Management and Vanguard is that as President Donald Trump approaches 100 days in office, he has created a growing number of unknowns, forcing traders to focus on a wide range of issues beyond the likely path of interest rates. As a result, bond buyers are questioning the traditional safe haven status of US government debt and demanding higher yields on longer-dated bonds.