Treasuries rallied as President Donald Trump’s comments on “a period of transition” for the US economy added to concern that a slowdown could be just around the corner.

President Donald Trump did not deny there could be a recession this year under his leadership, telling Fox News there would be a “period of transition” as his economic policies take effect, as the president’s rapidly shifting tariffs on goods from Mexico and Canada have rattled the stock market and led to warnings of an economic downturn.