Traders in the futures and options markets are loading up on bets the Federal Reserve will have to lower interest rates this year by more than expected because of the Trump administration’s aggressive policy agenda.

The tough talk on tariffs out of Washington has pushed investors toward haven assets such as Treasuries, which are poised to become more attractive if recent signs of economic trouble keep building. The rising possibility of an economic downturn fueled fresh demand for both short- and long-dated Treasury futures on Monday.