Tuesday morning's listless trading in the bond market, which has left Treasury yields little changed, is occurring amid a continued lack of clarity over the likely impact of U.S. trade

relations on economic growth and inflation. Traders "continue to struggle with understanding the direction that the U.S.'s trade relationships with the rest of the world are going

in," said Thierry Wizman, global FX and rates strategist at Macquarie. "That's because tariffs and the evolving nature of the U.S.'s trade relations with the rest of the

world are seen to be the main pivot that determines what will happen to global growth and inflation trends in the rest of 2025."