The yield on the 10-year US Treasury note declined to 4.63%, reversing a two-day increase following President Donald Trump’s call for the Federal Reserve to lower interest rates.
Market expectations are for the Federal Reserve to maintain current rates at its upcoming policy meeting, with some anticipating a potential rate cut in July and possibly another later in the year. Trump also hinted at discussing his views on rates with Federal Reserve Chair Jerome Powell, suggesting that government pressure may not impact the Fed's upcoming decisions.
Meanwhile, the dollar weakened after Trump told Fox News he would prefer not to impose tariffs on China. This marks a shift from his earlier, more protectionist rhetoric, raising questions about whether some trade tariff threats will materialize, as long as trade concessions are made, according to ING.
Despite recent threats of tariffs against China, the EU, Canada, Mexico, and other BRICS nations, Trump continues to promote fiscal expansion measures such as tax cuts and investment in AI infrastructure, which could contribute to inflationary pressures.
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