In April 2026, the 10-year U.S. Treasury yield eased to around 4.35% from its recent nine-month high, as cooling energy prices helped temper near-term inflation expectations despite ongoing geopolitical tensions in the Middle East. U.S. headline CPI accelerated to 3.3% YoY in March (vs. 2.4% prior), marking the highest level since May 2024, while core CPI remained relatively contained at 2.6% YoY. The Federal Reserve kept the federal funds rate unchanged at 3.50%–3.75% for a third straight meeting, although a notably divided vote underscored a cautious, data-dependent stance amid persistent inflation risks and resilient economic conditions. In Indonesia, inflation moderated to 2.42% YoY in April (vs. 3.48% prior), with core inflation easing to 2.44%, while Bank Indonesia held the BI-Rate steady at 4.75% in line with expectations. Indonesia’s 10-year government bond yield edged down to around 6.83%, supported by easing domestic inflation, though external pressures from rupiah weakness and global uncertainties remain in play. Sukuk issuance softened to IDR 2.0 trillion in April (vs. IDR 3.1 trillion in March), bringing the 4M26 total to IDR 12.2 trillion, still comfortably above maturities. Meanwhile, corporate bond issuance also moderated to IDR 5.7 trillion (vs. IDR 13.1 trillion in March), with year-to-date issuance reaching IDR 46.4 trillion