Trump Buys $100 Million in Bonds Since Return to White House

Purchases include a diverse array issued by U.S. companies, cities, counties, states, hospital authorities, school boards, and water and gas supply districts.

President Donald Trump speaks during a press briefing at the White House on Aug. 11, 2025. Madalina Kilroy/The Epoch Times

President Donald Trump has been an active investor in the bond market since returning to the White House in January.

New documents from the U.S. Office of Government Ethics, filed on Aug. 12 and totaling 33 pages, reveal that the president has purchased more than $100 million in corporate, state, and municipal bonds.

The broad estimates show debt purchases from large U.S. companies, including Citigroup, Home Depot, Meta, Morgan Stanley, T-Mobile, UnitedHealth Group, and Wells Fargo.

Other holdings cover a diverse array of bonds issued by cities, counties, states, hospital authorities, school boards, and water and gas supply districts.

While the disclosure did not provide a total dollar figure for each of the almost 700 transactions, the purchases ranged from as little as $1,001 to as much as $1 million. Trump did not report any sales.

All federal elected officials and appointees who trade stocks, bonds, commodity futures, and other investment securities are mandated to report to the Office of Government Ethics.

Treasury Secretary Scott Bessent, for example, has reported 24 sales of various exchange-traded funds and companies since January, the latest filings show.

According to the latest tally by Forbes magazine, as of March, Trump’s net worth was $5.1 billion. The president’s fortunes have fluctuated significantly over the years amid political and legal developments, as well as market shifts.

Over the past two years, Trump has increased his net worth through his stake in Trump Media & Technology Group Corp. and various cryptocurrency ventures.

Bucking the decades-long trend, the president has refrained from divesting or transitioning his financial assets into a blind trust overseen by an independent manager. His vast business empire, The Trump Organization, is overseen by two of his sons, Eric Trump and Donald Trump Jr.

Although his predecessors have divested their assets that could be viewed as potential conflicts of interest, federal ethics law does not mandate that presidents do so.

Capitol Hill Trading

On Capitol Hill, there has been a bipartisan push to prohibit elected officials and their families from trading individual stocks, corporate bonds, commodity futures, and cryptocurrencies.

In July, the Senate Homeland Security and Governmental Affairs Committee approved the Halting Ownership of Non-Ethical Securities and Trusts Act after Democrats joined lead sponsor Sen. Josh Hawley (R-Mo.) to advance the legislation to a floor vote.

The bill does permit investments in exchange-traded funds, mutual funds, and Treasury bonds, but requires full divestment of single stocks by the start of the next term.

In an Aug. 13 interview with Bloomberg Television, Bessent expressed support for the ban on single-stock trading. He said the eye-popping returns of some members of Congress, such as Rep. Nancy Pelosi (D-Calif.) and Sen. Ron Wyden (D-Ore.), would make “every hedge fund” jealous.

“The American people deserve better than this,” he said.

Sen. Josh Hawley (R-Mo.) speaks during a confirmation hearing for secretary of education nominee Linda McMahon on Capitol Hill on Feb. 13, 2025. Madalina Vasiliu/The Epoch Times

Trump, speaking at a July 30 press conference, commented on the bill.

“I don’t know about it, but I like it conceptually and, you know, Nancy Pelosi became rich by having inside information,” the president said. “She made a fortune with her husband. And I think that’s disgraceful.

“So in that sense, I‘d like it, but I’d have to really see. ... I study these things very carefully, and this just happened. So I'll take a look at it. But conceptually, I like it.”

Overview of the Bond Market

Bonds are a vital component of the financial markets.

To fund new initiatives, accelerate expansion, refinance current liabilities, or bolster their financial footing, corporations, governments, and other entities often sell bonds as a means of raising capital.

When investors purchase these bonds, they essentially lend money to the issuer in exchange for regular interest payments—either fixed or variable—throughout the bond’s term. At maturity, the issuer repays the principal in full, completing the investment cycle.

Valued at approximately $46 trillion, the U.S. bond market is the largest in the world, accounting for more than one-third of the international bond market.

Volatility has been prevalent in the U.S. bond market in 2025, fueled by the current administration’s global tariff plans and fiscal policy concerns. This has been most apparent in Treasury securities. Yields have experienced wide swings. The benchmark 10-year yield has declined since the mid-January peak, falling to about 4.28 percent from 4.8 percent.

“Over the past few months, volatility has not just declined—it has pretty much collapsed,” Kristian Kerr, head of macro strategy at LPL Financial, told The Epoch Times in an email.

However, Wall Street could become turbulent heading into the fall.

“With volatility now at depressed levels and markets entering the seasonally challenging August-to-October window—a period historically associated with heightened uncertainty—investors should be prepared for a potential uptick in volatility,” Kerr said.