The yield on the US 10-year Treasury note hovered near 4.3% on Wednesday, extending gains from the previous session amid robust economic data and heightened geopolitical uncertainty in the Middle East. Reports indicated that Vice President JD Vance canceled a scheduled trip to Islamabad for talks after Tehran informed Washington via Pakistan that it would not participate in the meeting.
At the same time, President Donald Trump extended the current ceasefire, saying he would delay additional strikes until Iran submits a new proposal and negotiations are concluded.
On the economic front, US retail sales rose more than expected in March, bolstering expectations that the Federal Reserve will leave interest rates unchanged for the remainder of the year. In addition, Fed nominee Kevin Warsh pledged to preserve the central bank’s independence from the White House while pursuing broad institutional reforms, a position viewed as more hawkish than markets had anticipated.
