April was a month marked by volatility. On April 2, Liberation Day, the administration announced sweeping tariff hikes which far exceeded market expectations. Over the month, the 10-year U.S. Treasury dropped to 3.99% before climbing 50 basis points (bps) by mid-month, then dropping again to 4.18% by month end. The yield curve steepened, with the 10-year rates close to unchanged, longer rates rising, and shorter maturity yields lower.

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