The U.S. 10-year yield hovered near 4.4% as markets awaited the Fed decision. While rates are expected to stay unchanged, focus remains on forward guidance amid tariff and geopolitical risks. Yields fell Tuesday as safe-haven demand rose after Israel-Iran tensions escalated. Trump called for Iran’s “unconditional surrender” and targeted Supreme Leader Khamenei.

Japan’s 10-year yield slipped to 1.45% after weak economic data. Exports fell for the first time in eight months, imports declined, and machinery orders dropped in April. The BoJ held rates and stayed cautious on balance sheet changes, with Governor Ueda open to hikes if inflation trends warrant it.

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