In April 2024, significant shifts were observed in both the US Treasury Yield and Indonesia’s economic landscape. Firstly, the 10 Year US Treasury Yield surged notably, climbing from 4.20% to 4.68%, propelled by persistent inflation pressures and increased monthly net issuances. This trajectory indicated expectations of prolonged higher interest rates, prompting investors to anticipate a delay in the first-rate cut until later in the third quarter of 2024, signaling a significant market sentiment shift. Meanwhile, Indonesia’s inflation rate moderated slightly to 3.00% year-over-year, falling below both the previous month’s figure of 3.05% and the consensus expectation of 3.10%. However, core inflation surpassed projections, expanding to 1.82% year-over-year, driven by volatile food prices. Looking ahead, potential inflationary risks include geopolitical tensions impacting gasoline prices and the ongoing depreciation of the Rupiah, which lead BI hike BI-rate 25 bps in April Meeting. Moreover, in the realm of Indonesian finance, sukuk issuance experienced a notable decline in April 2024, totaling IDR0.6 trillion, a 57.1% decrease compared to the previous year. Despite this decline, the Pulp & Paper sector emerged as the market leader, accounting for 41% of total issuance, followed by the Financial Institution sector at 26% and Energy at 21%. Conversely, the corporate bond market in Indonesia witnessed a remarkable surge during the same period, with issuance reaching IDR 11.9 trillion, marking a significant 17.2% increase compared to the previous month. This surge adequately covered corporate bond maturities, totaling IDR 10.1 trillion, highlighting robust market dynamics within the corporate bond sector.