Bank of America data shows only one U.S. president since 1873 oversaw annual bond yield declines throughout a full term.
Only William McKinley presided over four consecutive years of declining bond yields during his presidency, according to historical data. The analysis covers U.S. presidents since Ulysses Grant in 1873, highlighting McKinley’s unique record amid shifting economic conditions.
No other president matched this pattern, with bond yields typically fluctuating year-to-year. The data underscores the rarity of sustained yield declines, which often reflect deflationary pressures or weak economic growth during McKinley’s 1897-1901 term.
The findings provide historical context for current yield trends, though no immediate market reaction was noted in the analysis.