US Bond Slide Began in 2020 — Not Tariff-Driven. Why?

The downward pressure did not start with the Liberation Day tariffs on 2nd April.

Based on the 30-year long-term bond price chart, the market peaked in 2020, then broke below a major support line—established since the 1980s—in 2022.

Since that break, US bonds have been on a downward trajectory.

So, what happened in 2020 and 2022 that set the bond market on shaky ground?

In 2020, the massive Covid QE signaled a tipping point in the debt issue that had been discussed for decades. By June 2022, inflation reached 9%, the highest in four decades. Investors grew concerned about the US's dependence on debt as the bond bubble appeared to burst.

Why is the recent tariff shock just a continuation of developments that began back then?
And where are bond prices heading next?

This goes beyond investors offloading its US Treasury holdings after 2nd April.

U.S. Treasury Futures & Options
Ticker: ZB
Minimum fluctuation:
1/32 of one point (0.03125) = $31.25

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