According to financial analysis firm Crisil Coalition Greenwich, February was the busiest month in history for the U.S. Treasury market, with uncertainty surrounding Trump's tariff policy and an increase in the Federal Reserve's bets to cut interest rates boosting trading volumes. "Will they raise tariffs, inflation surprises and the recovery of expected rate cuts keep investors and traders busy," Kevin McPartland, head of market structure research at the company, wrote in the report. The average daily nominal trading volume of U.S. Treasury bonds in February was $1.068 trillion, up 16% year-on-year, surpassing August 2024 to become the most active month on record. February 28th exceeded October 31st became the busiest day ever.