The Direxion Daily 20-Yr Treasury Bull 3x ETF (TMF) closed up 2.72% at $40.45 on January 21, as Treasury yields fell following President Donald Trump's return to the White House and his decision not to immediately impose new tariffs. The 10-year Treasury yield dropped over 4 basis points to 4.566%, reflecting investor relief that Trump's initial actions did not include the anticipated tariffs, which are often seen as inflationary. This decline in yields was further supported by benign interpretations of recent inflation data, easing concerns about sustained high yield levels. The bond market's reaction was also influenced by the Federal Reserve's ongoing media blackout period ahead of its policy meeting, leaving investors to focus on the absence of immediate tariff announcements.