In April 2025, the 10-year US Treasury yield saw sharp volatility, rising from 4.17% to a peak of 4.5% amid inflation concerns and renewed trade tensions, before easing to 4.16% by month-end. The spike followed President Trump’s tariff announcement on April 2, triggering fears of a global trade war and reduced foreign demand for Treasuries. Although March CPI cooled—headline inflation fell to 2.4% YoY and core CPI to 2.8%, both below expectations—sticky services inflation kept the Fed cautious. In April 2025, Fed Chair Jerome Powell emphasized the need for greater economic clarity before adjusting interest rates, citing persistent inflation and rising trade-related risks. FedWatch data showed June rate cut odds slipping to 35%. In Indonesia, April inflation rose to 1.17% MoM and 1.95% YoY, driven by housing and food prices, with West Sumatra and Papua Mountains recording the highest regional rates. Bank Indonesia kept the BI-Rate at 5.75% to ensure Rupiah stability amid external risks. Indonesia’s 10-year bond yield tracked US trends, peaking at 7.116% on April 9 before declining to 6.857%, pressured early on by Trump’s tariff policy and later supported by BI’s steady rate stance. Sukuk issuance reached IDR 0.7 trillion in April, lifting the 2025 total to IDR 12.4 trillion, while corporate bond issuance dropped 14.9% YoY to IDR 10.1 trillion—still above maturities of IDR 9.4 trillion, signaling stable market confidence.