The MOVE index, a measure of U.S. bond-market volatility, jumped 19% last week, its largest weekly increase since April 2025. The gauge is often called the VIX of bonds because it tracks volatility in the yields of 2-year, 5-year, 10-year and 30-year U.S. Treasuries. The move followed "Liberation Day" as bond-market volatility reached historic levels.