U.S. bond investors stay defensive amid uncertainty about the Trump administration’s policies and a likely pause in Fed rate cuts. Portfolio managers avoid long-dated Treasuries and adopt a neutral stance relative to benchmarks. The Fed’s cautious approach, the strong U.S. economy, and rising inflation concerns drive this strategy. U.S. bond investors stay defensive amid uncertainty about the Trump administration’s policies and a likely pause in Fed rate cuts. Portfolio managers avoid long-dated Treasuries and adopt a neutral stance relative to benchmarks. The Fed’s cautious approach, the strong U.S. economy, and rising inflation concerns drive this strategy. Economic Times