Treasury Yields Barely Moved as Democrats Swept Congress

U.S. midterms left Treasury yields little changed, with a muted curve reaction after Democrats swept both the House and the Senate. Shriya Samarth, StoneX Head of Rates, EMEA, explains why the election changed less for bond markets than the risks already in play. The video looks at how a Democratic Congress could curb unregulated AI, crypto growth and spending while markets question sky-high AI capex and thin free cash flow. It covers why U.S. Treasuries, European government bonds and U.K. gilts have drawn a safe-haven bid as weak AI earnings rattled equities. It also explains why the long end and the belly of the Treasury yield curve still carry fiscal risk while the front end has reason to stay bid, leaving room for steepening. Finally, it sets out what the quarterly refunding announcement could reveal about the 20-year and 30-year sector after Treasury Secretary Scott Bessent shifted issuance toward short-dated bills. 00:00 - Midterms Punish Cost of Living 00:27 - Lame Duck Escalation Risk 00:51 - AI Trade Drives Haven Bonds 01:17 - Democrats vs. AI Capex 01:49 - Front End Treasuries Stay Bid 02:18 - Steepening Risk and Refunding 02:52 - Treasury Yields Shrug Midterms Discover Actionable Insights with StoneX Market Intelligence: https://shop.stonex.com/products/stonex-essential-bundle?selling_plan=4455759972&variant=45955323625572&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_shriya_samarth&utm_content=share Like and subscribe for more financial market insights. #Treasuries #StoneX #ShriyaSamarth #Midterms --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social