February was the busiest month ever for the U.S. Treasury market, according to financial analysis firm Crisil Coalition Greenwich, as uncertainty surrounding Trump's tariff policy and increased bets on the Federal Reserve to cut interest rates boosted trading volumes. "Will they increase tariffs, inflation surprises, and a resurgence in interest rate cut expectations are keeping investors and traders busy," Kevin McPartland, head of market structure research at the firm, wrote in the report. The average daily nominal trading volume of U.S. Treasuries in February was $1.068 trillion, up 16% year-on-year, surpassing August 2024 as the most active month on record. February 28 surpassed October 31 as the busiest day ever.