Treasury Secretary Scott Bessent indicated that further negotiations are planned to pursue a more comprehensive agreement. The tariff rollback has lessened recession fears and diminished expectations of an imminent Federal Reserve rate cut, thereby supporting higher yields. Markets are now focused on upcoming U.S. inflation data to assess the potential pricing effects of the revised tariff structure.

In contrast, European and UK bonds ended Monday with gains but opened Tuesday little changed. Please refer to the file for further information.