Donald Trump’s historic return to the White House was met with a euphoric response by the markets. Wall Street and Bitcoin rallied to record highs, while the US dollar skyrocketed to 4-month highs. Perhaps the most significant move, however, is the surge in Treasury yields. Yields had already been on the rise since late September as investors pared back their bets of how many times the Federal Reserve would cut interest rates over the course of the next 2-3 years. But Trump’s victory has dealt a further blow to hopes of low interest rates.