In July 2024, the 10-Year US Treasury Yield declined from 4.46% to 4.03%, driven by easing inflation concerns, which raised expectations of a Federal Reserve rate cut and increased demand for Treasury bonds amid recession fears; concurrently, the US headline Consumer Price Index (CPI) fell to 2.97% YoY in June, primarily due to lower energy costs, while the Federal Reserve maintained its interest rate target range at 5.25-5.5% amid a balanced risk outlook for inflation and employment. In Indonesia, monthly deflation of 0.18% and an annual inflation rate of 2.13% were largely attributed to decreased prices for food, beverages, and tobacco, with Bank Indonesia holding its interest rate at 6.25% to manage inflation within a target range of 2.5±1% for 2024 and 2025; the yield on Indonesia’s 10-year government bonds initially rose to 7.1% before declining to 6.9%, influenced by easing US inflation and improved investor sentiment. Sukuk issuance in July fell by 37.3% to IDR 2.7 trillion, bringing the total for the year to IDR 10.6 trillion, with the Financial Institution sector commanding a 34% market share; additionally, the Indonesian corporate bond market saw a 5.6% year-over-year decline in issuance, totaling IDR 18.9 trillion, despite a 46.2% increase from the previous month, led by Financial Institutions at 35%, while PT. Bumi Resources Tbk faced the largest maturities, with IDR 8.5 trillion due in December, contributing to an annual maturity total of IDR 59.3 trillion, alongside an average daily transaction volume in July reaching IDR 2.2 trillion, surpassing last year’s figures.