The survey shows that Trump's tariffs end the exceptional era of the US stock market

ChainCatcher news, according to Jinshi reports, due to Trump's tariff policy potentially ending the "American exceptionalism," investor optimism towards U.S. Treasuries has reached its highest level in at least three years.

A survey conducted this week among 504 market participants shows that the expected risk-adjusted returns on U.S. Treasuries next month will be higher than those of U.S. stocks. 77% of respondents support bonds, the highest level recorded in survey data since 2022. Only 9% of respondents believe that the global market capitalization of U.S. stocks will return to historical highs, while about 40% expect it to fall to a new low not seen in over a year.

The vast majority of respondents believe that tariffs (rather than Federal Reserve policy) will become the most critical factor influencing stock valuations. Nearly half of the respondents expect to reduce their positions in the S&P 500 next month, with less than 20% planning to increase their holdings. The market also lacks confidence in the response to the continued decline of the stock market; earlier this year, there were views that a stock market crash would force Trump to adjust his policies, but now, less than half of the respondents believe Trump will intervene to stabilize the market.