On April 24, JPMorgan Asset Management said that U.S. Treasuries have greater upside potential than European Treasuries because traders underestimated the Fed’s interest rate cuts compared to the European Central Bank. Myles Bradshaw, an institutional analyst at the agency, said President Trump’s tariffs are more likely to hurt economic growth than to spur inflation. He expects that after leaving policy unchanged for a longer period of time, the Fed will eventually need to cut interest rates more aggressively. “In the next few years, interest rates in the U.S. are going to be above 3%, above the neutral rate, and I think that’s a huge opportunity.” Some global investors, including Pacific Investment Management, are starting to see the appeal of U.S. government bonds again, after concerns about Trump’s tariffs sparked a sell-off that sent yields soaring.