Wei Li, global chief investment strategist at BlackRock, said Treasury investors should consider the possibility of a Trump presidency after Mr. Trump said he would seek to influence US monetary policy if elected. "There is that risk when we think about what could happen." Fiscal issues will also affect demand for long-term Treasuries, Li added. Mr. Trump said on Thursday that the president should have some say in setting interest rates. Both during his presidency and most recently on the campaign trail in 2024, Mr. Trump's challenge to Fed independence has broken the long-standing norm that presidents do not influence decisions by Fed policymakers. "Regardless of who is in the White House, all of this suggests that we need to think more carefully about how we structure our portfolios around US Treasuries going forward," said Mr. Li.