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The Treasury market appears to have nodded off while the stock market cruises at record highs.

It may just be the summer doldrums, but it’s a head-scratcher for investors who’ve fretted about a looming bust-up in both.

The implementation of U.S. President Donald Trump’s tariff sweep last week - which markets had obsessed about for months - was a non-event in the financial world.

While the true fallout has arguably yet to play out and could well take the form of a slow burn over time, nothing resembling April’s shock has unfolded in markets.

Perhaps the outstanding metric of the moment is Treasury bond volatility, or the lack thereof. For all the outsized fears about the U.S. fisc

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