US 10-Year Yield Stabilizes Ahead of Key Data
The yield on the 10-year U.S. Treasury note remained stable at approximately 4.17% on Wednesday, settling around a three-week low as investors anticipated crucial economic reports that could provide initial insight into the effects of newly implemented tariffs. Market participants are keenly awaiting the release of the March PCE price index—the Federal Reserve's preferred gauge of inflation—and the preliminary first-quarter GDP figures, both scheduled for publication later today. Following Tuesday's data revealing that the U.S. goods trade deficit skyrocketed to a record $162 billion in March, far surpassing expectations, market caution intensified. The substantial increase in imports likely represented a preemptive move by businesses and consumers in response to tariffs announced by President Trump on April 2. To alleviate the impact of the new auto tariffs, President Trump executed executive orders on Tuesday to provide credits and relief from other material levies. Additionally, he indicated that a trade agreement with India could be on the horizon, with negotiations with Japan and South Korea also showing promising advancements.
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