Bond traders are signalling a growing risk of stagnation in the US economy, given Mr. Trump's chaotic tariff policies and federal job cuts. Speculation that Mr. Trump would inject stimulus into the expansion of the US economy and keep putting upward pressure on Treasury yields in the less than two months since he took office is rapidly being put to rest. Instead, traders have been piling into short-dated Treasuries, with two-year yields falling sharply since mid-February and expectations that the Fed could resume rate cuts as early as June to prevent the economy from worsening.