Transatlantic Strategy Report
April 2025
The Bonds of Chaos:
Market Dysfunction in an Era of Stochastic Governance
For years, the U.S. Treasury market has served as the backstop for global risk: a store of value, a signal of policy direction, and a reflection of institutional steadiness. April 2025 suggests that era is over. Fixed income volatility is no longer incidental noise — it is a form of diagnosis. Markets are no longer reacting to data, but to dysfunction: to stochastic governance, fractured liquidity, and monetary policy constrained by structural political disorder. In this month’s report, we track the breakdown of signal, the re-pricing of stability, and the growing risk that rate cuts, should they come, will be misunderstood not as easing, but as a warning.
Executive SummaryBond Dynamics. The U.S. bond market’s central nervous system is misfiring.
Enquire about how to get access
The remainder of this Report is for subscribers only. Please contact us to learn how to apply for a subscription.