Affected by macroeconomic factors and geopolitical tensions, the yield on the 10-year U.S. Treasury bond rose to approximately 4.69%, reaching its highest level since January 2025. The market is closely watching whether U.S. President Trump will again adopt the "TACO" pattern of compromise in trade disputes. On July 23, the Office of the U.S. Trade Representative (USTR) announced a decision to impose tariffs of 10%–12.5% on 60 economies. The current rise in yields is primarily driven by geopolitical tensions, with Iran taking a hardline stance, and as the U.S. midterm elections approach, Trump faces limited room for TACO-style maneuvers, needing to maintain a strongman image in foreign policy.
10-Year U.S. Treasury Yield Rises to 4.69%, Trump's TACO Pattern Under Scrutiny
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Summary
On-chain data shows the 10-year U.S. Treasury yield rose to 4.69%, the highest level since January 2025. Macroeconomic indicators point to rising rates fueled by global tensions and economic data. Markets are watching for a potential TACO pattern from Trump as the U.S. prepares to impose new tariffs. The USTR announced tariffs of 10%–12.5% on 60 countries. Trump’s trade actions face political constraints ahead of the midterms.
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