America’s bond market is quiet—almost too quiet
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Finance & economics | Interest ratesAmerica’s bond market is quiet—almost too quietScott Bessent has a cunning planShareNumber one for a reasonPhotograph: Getty Images Dec 11th 2025|Washington, DC|4 min readWhat is happening in the bond market? Not much, it seems. After explosive volatility earlier this year, which peaked around “Liberation Day”, when President Donald Trump announced a slew of tariffs, movements in yields have become remarkably orderly. Indeed, the MOVE index, which aggregates the implied volatility bond investors expect based on trading in derivatives markets, has declined steadily since April, and remains at depths not plumbed since 2021. Already have an account?Log in Continue with a free trial Get full access to our independent journalism for free Get started Or create a free account to unlock just this article Create account Explore moreShareReuse this contentThe Economist TodayHandpicked stories, in your inboxA daily newsletter with the best of our journalismSign upYes, I agree to receive exclusive content, offers and updates to products and services from The Economist Group. I can change these preferences at any time.More from Finance & economics Free exchange Germany has a lawyer problemIts endless bureaucratic rules trap would-be reformersWhat a stiff drink says about China’s economyThe baijiu business is the latest to be struck by “involution”Wall Street is drooling over bank mergersThe world’s most fragmented financial industry faces dramatic change ButtonwoodAsia’s inexpensive AI stocks should worry American investorsTech mania looks very different in Japan, South Korea and TaiwanWhich economy did best in 2025?Our annual ranking returns Free exchangeAI misinformation may have paradoxical consequencesTo understand why, consider the side-blotched lizard