Market analysis: The performance of US Treasuries and the US dollar suggests that the US exceptionalism is coming to an end.

Pictet Asset Management stated that the golden age of the United States' economic and geopolitical dominance - known as the American exceptionalism - is coming to an end. "With the breakdown of the relationship between the US dollar and US Treasuries, we are seeing the first signs of this situation," Pictet said. Historically, the movement of US Treasury yields has been inversely related to the movement of the US dollar. "During times of turmoil, global investors are attracted to US Treasuries and the US dollar, pushing down yields and strengthening the US dollar." However, since Trump announced the so-called "Tariff Liberation Day," this correlation has been broken, with yields rising and the US dollar weakening.