The rally in US government bonds continues, extending gains that began roughly two weeks ago.

Sustained buying in Treasuries typically signals:

• declining yield expectations
• growing demand for defensive assets
• increased probability of policy easing
• rising macro uncertainty

As bond prices move higher, yields fall — a dynamic that often influences:

• equity sector rotation (growth vs value)
• US dollar direction
• gold and crypto performance

If the rally persists, it could indicate that the bond market is pricing in slower growth or softer inflation ahead.

For traders, Treasuries remain a critical macro signal. When bonds move decisively, other asset classes rarely stay unaffected.

The question now: is this a short-term positioning squeeze — or the beginning of a broader macro repricing cycle?