Demand for U.S. Treasuries as a safe-haven asset was fading due to increased pessimism after the U.S.’s 104% tariffs on China took effect on Wednesday, Hargreaves Lansdown’s Susannah Streeter said in a note.

“Volatility has hit the bond markets, as investors appear to be starting to pull money out to brace for what could be to come next,” she said.

The U.S. 30-Year Treasury yield climbed above 5.000% before retreating to last trade at 4.860%, up 14 basis points on the day, Tradeweb data show.