US 10Y treasury yields dropped to 4.54%, a multi-week low, following President Trump’s decision not to impose new tariffs on his first day in office. Trump issued a memo directing investigations into trade deficits and threatened tariffs on Mexico, Canada, China, and the EU. The prospect of Trump’s pro-growth policies driving inflation has raised concerns about the Fed’s rate cuts. Cooling U.S. inflation has sparked expectations of two 25-basis-point rate reductions this year.