That USD fell and yields rose was startling for some investors, given that the currency and borrowing costs are typically positively tied to each other, chart @markets https://www.bloomberg.com/news/features/2025-04-21/trump-s-trade-war-puts-us-dollar-bonds-safe-haven-status-at-risk
Instead, the relationship is now the weakest in around 3y - suggesting a blanket aversion to US assets, and #skepticism of typical risk hedges.