The Direxion Daily 20-Yr Treasury Bull 3x ETF (TMF) closed up 3.74% at $40.81 on January 27, as U.S. Treasury yields fell amid shifting investor sentiment and policy expectations. The underlying 20-year Treasury bond saw a 1.23% increase to $43.77, driven by a combination of factors including a buyers' strike ending and a more dovish outlook from the Federal Reserve. Morgan Stanley's recent research suggests that the absence of immediate tariff increases under President Trump's administration has eased inflation fears, leading to lower yields. Additionally, the Fed's cautious stance on further rate cuts, despite Trump's pressure for lower rates, has contributed to the attractiveness of Treasuries. The market is also reacting to expectations of a pause in Fed rate hikes, with some analysts predicting rate cuts later in the year.