On April 9, during the most severe market sell-off in years, safe-haven assets are currently underperforming. With retaliatory tariffs taking effect today, US Treasury bonds plummeted, with the 10-year Treasury yield reaching its highest level since February this year; gold prices rose intraday but remain down for the week; global stocks touched a one-year low during this period; and the US dollar weakened.
Although some observers note that German bonds and the Japanese yen might become new safe havens, they also face risks in terms of liquidity, their own economic conditions, and monetary policy prospects.
Pilar Gomez-Bravo, Global Fixed Income Co-Chief Investment Officer at MFS Investment Management, stated: "If you want to protect your capital and obtain a certain level of return, you have very few asset choices." The sell-off of US Treasuries is the most obvious example, indicating that investors have lost confidence in conventional safe-haven assets. (Jinshi)




