Silver Rises Over 120% YTD 
The Treasury market found some relief after a significant selloff that had rippled through global markets, with yields retreating across the curve as investors turn their attention to Friday’s employment data. The timing is particularly notable as US markets prepare to close for former President Carter’s memorial. Fed officials, including Philadelphia’s Patrick Harker and Boston’s Susan Collins, are maintaining a cautious stance on rate cuts, suggesting a slower pace than previously anticipated due to persistent economic strength. Adding complexity to the monetary policy outlook is the Fed’s increased focus on “market-based” inflation measures, which show more moderate price pressures at 2.4% compared to traditional gauges running at 2.8%. This divergence could influence the timing and pace of future rate adjustments.
