Yields had risen after a court blocked Trump’s tariffs, but reversed when an appeal reinstated them, adding uncertainty. Q1 GDP contracted, complicating the Fed’s outlook.

Globally, China’s 10-year yield dropped to 1.70% as trade talks stalled, with U.S.–China relations strained by export controls. In Japan, yields slipped to 1.51% amid safe-haven demand and strong inflation data, though the BOJ signaled no immediate policy change despite global growth risks.

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