Given this context, the limited absorption of this liquidity by US Treasuries warrants closer examination.

Firstly, the bond market has endured a challenging bear market in recent years, fostering a cautious sentiment among investors regarding re-entry.

Secondly, there has been a noticeable pullback from the US market, partly due to lingering uncertainties surrounding White House policies.

This sentiment has contributed to a roughly 10% weakening of the US dollar against major currencies since the beginning of the year.