US Treasury yields rose modestly in April with the 10-year yield increasing 5 basis points (bps) to 4.37%. Volatility fell to 5-year lows after a significant spike in March, following the start of the Iran conflict in late February.

In what will likely be Jerome Powell’s last meeting as Fed Chair, the FOMC maintained the federal funds rate at 3.50%-3.75%, with increasing internal debate over future policy. Notably, the decision was accompanied by three FOMC voters dissenting in favor of removing the language of an “easing bias.” Meanwhile, one governor dissented in favor of a 25 bps cut.

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