The US bond market rallied yesterday amid rising fears that a global trade war is unfolding. The Vanguard Total Bond Market ETF (BND), a proxy for US government bonds and investment-grade credits, rallied to its highest level since September, fueled by a rush for safe havens amid a stock market rout on Thursday. US stocks, by contrast, suffered their worst daily loss on Thursday since 2020, with the steepest declines in tech and energy sectors.
