**Treasury Gives Up**

On **April 9th, 2025**, **Trump** announced a “tariff pause” as the **10Y Note Yield** hit **4.60%**. Days later, he said he had been watching the bond market, which drove his decision to pause the trade war.

Today, the **10Y Note Yield** is **+70 basis points** above the **April 2025** high. It seems the **US Treasury** has given up for now.

**[@futures](https://t.me/futures)