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The yield on the US 10-year Treasury note was little changed around 4.3% on Wednesday, as investors monitored developments in the Middle East. Market sentiment remained cautious despite some short-term relief following an extension of the ceasefire.
US President Trump announced an indefinite extension of the ceasefire with Iran shortly before its scheduled expiration, aiming to allow more time for peace negotiations. He also indicated that no new military strikes were planned, though the blockade of the Strait of Hormuz would remain in place. At the same time, uncertainty continued to cloud the outlook for formal talks, and reports emerged that Iran had fired on ships in the Strait of Hormuz.
In parallel, Federal Reserve nominee Kevin Warsh pledged to preserve the central bank’s independence from the White House while pushing for broad reforms, a stance perceived as more hawkish than markets had anticipated. The Federal Reserve is set to decide on monetary policy next week, with no change expected in the federal funds rate.
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