The yield on the 10-year US Treasury note held around 4.39% on Friday, stabilizing after sharp swings earlier in the week as investors digested ongoing trade developments and looked ahead to next week’s Federal Reserve policy decision. Reports indicate that the US and EU are nearing a trade agreement that would impose a 15% tariff on most EU goods, mirroring a similar deal recently reached with Japan. On the monetary policy front, the Fed is widely expected to leave rates unchanged as it evaluates the inflationary impact of these new tariffs. Meanwhile, President Donald Trump softened his stance on Fed Chair Jerome Powell following a historic visit to the Federal Reserve’s headquarters, stating he has no plans to dismiss him. Markets are currently pricing in 43 basis points of rate cuts by the end of 2025, with reductions expected in both September and December.
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