Whatever trace of economic optimism the bond market once signalled since President Donald Trump’s election has now disappeared.

In a historic day for Treasurys, a triple whammy of slowing manufacturing data, further expectations for rate cuts and Trump’s vow to impose additional tariffs on Chinese imports all conspired to bring the benchmark 10-year Treasury note’s yield to multiyear lows on Thursday.

The 10-year note yield TMUBMUSD10Y, 0.657% fell 14 basis points to 1.894%, the lowest since Nov. 8, 2016, the day that Trump won the election, according to Dow Jones Market Data. The benchmark maturity also recorded its biggest daily drop since May 2018. Debt prices move in the opposite direction of yields.

Trump’s victory in 2016 resulted in an overnight selloff for the bond market as traders reckoned with pro-growth implications of his policy agenda, including a trillion-dollar tax cut that was later signed off in December 2017. Stronger growth and inflationary pressures can erode the values of a bond’s fixed-income payments.

Since his election, eight quarter-point rate hikes by the Fed and a U.S. economy growing above-trend helped to send the 10-year note yield to a multiyear peak of around 3.25% last October.

But a lack of a resolution to U.S.-China trade tensions, fears of a Fed policy mistake and slower global growth forced a steadily hiking U.S. central bank to perform an about-face at the end of last year. This culminated in the first rate cut since the financial crisis on Wednesday.

Investors don’t expect that to be the end of the Fed’s easing of monetary policy. Traders on the fed fund futures market now see a 70% chance of the U.S. central bank cutting rates in the September meeting, CME Group data shows.

To be sure, the U.S. economy is extending its longest expansion since World War II. The U.S. grew 2.1% in the second quarter, putting it on pace for a 2.3% pace for the whole year, according to MarketWatch-polled analysts.

See: 2-year U.S. government bond yield stages biggest single-day plunge since 2009 after Trump tariff vow