The US Treasury market saw major swings at the last election night, though there is little evidence market functioning was impaired, an economist from the Federal Reserve Bank of New York finds.

In the Liberty Street Economics article, Michael Fleming notes the “unusual” market behaviour in 2016, as investors took in the news that results were closer than expected and, later, that Donald Trump was set to take the presidency. Yields initially plunged, but they rebounded as key states declared