The yield on the US 10-year Treasury note fell to 4.37% on Tuesday, marking its fifth straight decline and the lowest level in over a week. Investors remain cautious amid lingering trade uncertainty and renewed concerns over the Fed’s independence. The US continues trade negotiations with key partners and the White House has indicated that President Trump may issue additional tariff notices or new trade agreements ahead of the August 1st deadline, though none have been announced so far. Treasury Secretary Scott Bessent also announced plans to meet with Chinese officials next week, raising hopes that the August 12th deadline on China could be extended. Meanwhile, Bessent addressed speculation about Fed leadership, saying, "There’s nothing that tells me that [Chair Powell] should step down right now," just a day after suggesting that the Fed should be re-evaluated as an institution. The Fed is set to meet next week, with no changes expected to the federal funds rate.