Traders gathered on the New York Stock Exchange (NYSE) were active amidst fluctuations in treasury yields and mounting trade tensions. As of November 20, 2025, the yield on the 10-year Treasury saw a slight increase of less than 1 basis point, rising to 4.297%, with the high of the day briefly surpassing 4.3%. Meanwhile, the 30-year Treasury bond yield climbed more than 1 basis point to 4.936%, whereas the yield on the 2-year Treasury note dipped by over 1 basis point to 3.582%.
This stability in Treasury yields came after a notable shift on Tuesday, which was sparked by renewed threats of tariffs from U.S. President Donald Trump against eight European allies. The proposed tariffs are set to begin at 10% on February 1 and escalate to 25% by June 1. These tariff threats have raised concerns of a “sell America” trend, leading to fears that investors might demand a higher risk premium on U.S. assets or divest from them entirely, questioning the reliability of the U.S. as a trading partner.
In response to these developments, European leaders have voiced their objections to the tariff proposals, labeling them “unacceptable” and hinting at potential countermeasures against the U.S. Notably, Danish pension fund AkademikerPension announced its decision to exit U.S. Treasurys, holding $100 million in these investments. Anders Schelde, the company’s investment chief, clarified that this decision stemmed from concerns over U.S. government finances and was not solely due to trade tensions, although the circumstances certainly complicated the decision-making process.
U.S. Treasury Secretary Scott Bessent responded dismissively to the pension fund’s exit, asserting that Denmark’s investment, likened to the country itself, holds little significance in the grand scheme of U.S. Treasury bonds.
As the markets navigate these uncertainties, there remains a hope that constructive dialogue could emerge, easing trade tensions and stabilizing investor confidence in U.S. assets.