February was the busiest month ever for the Treasury market, according to financial analysis firm Crisil Coalition Greenwich, with trading volumes buoyed by uncertainty surrounding Trump's tariff policy and increased bets on interest rate cuts by the Federal Reserve. "Whether they will increase tariffs, an inflation surprise and an expected recovery in rate cuts are keeping investors and traders busy," Kevin McPartland, head of market structure research at the firm, wrote in the report. Average daily nominal trading volume of Treasuries in February was $1.068 trillion, up 16% year-on-year, surpassing August 2024 as the most active month on record. February 28 surpassed October 31 as the busiest day ever.