Cover Story: Sell-Off in Treasuries Threatens U.S. as Safe Haven

U.S. Treasuries—long seen as the ultimate safe haven—have come under unprecedented pressure. As bond yields surged to multi-decade highs and the dollar weakened sharply in April, global investors began questioning the safety of the very assets that anchor the financial system. The bond selloff not only rattled U.S. markets but also sent shockwaves across global asset pricing, raising fears of higher refinancing costs, eroding institutional confidence and exposing cracks in America’s fiscal foundations.