The US Treasury market is trading sideways as investors weigh the impact of Treasury Department interventions, while inflation concerns drive up gold prices.

⑴ The U.S. Treasury market traded steadily on Friday as investors digested the Trump administration's more direct approach to intervening in the bond market. The 10-year yield remained flat at around 4.70%, the 30-year yield edged up to about 5.25%, and the 2-year yield held steady at around 4.19%. There is widespread skepticism in the market that simply increasing long-term debt buybacks without addressing the fiscal deficit will not be sufficient to sustainably suppress yields.⑵ Crude oil prices continue to rise, reigniting inflation concerns. Gold climbed about 1%, while risk appetite clearly diverged. The market is waiting for U.S. manufacturing and services PMI data to gauge economic momentum, with economists expecting both indicators to show slight rebounds.