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The yield on the US 10-year Treasury note held steady around 4.29% on Friday as investors turned their attention to diplomatic talks in Islamabad this weekend, where Vice President JD Vance will lead a US delegation in discussions with Iranian officials. Treasury yields have declined over the week after a two-week US-Iran ceasefire triggered a sharp drop in oil prices, easing concerns over resurgent inflation and the likelihood of additional interest rate hikes. However, sentiment remained guarded amid Israeli strikes on Lebanon and ongoing shipping restrictions in the Strait of Hormuz that could complicate the fragile negotiations. On the macro front, markets awaited the March CPI report due later today for fresh signals on how the Middle East conflict has affected price pressures. Minutes from the FOMC’s March meeting indicated policymakers were wary that the war could sustain inflation and potentially require further tightening, although they still projected one rate cut this year.
