As risk appetite returned and rising stock markets dampened demand for safe-haven assets, U.S. Treasury yields continued their upward trend. The better-than-expected Conference Board consumer confidence data released on Tuesday also put pressure on U.S. Treasuries, as it further reinforced the view that the U.S. is unlikely to cut interest rates in the near term. Nevertheless, Frank Walbaum of Naga noted in a report that a renewed escalation of trade tensions could reignite safe-haven sentiment. The possibility that the 10% temporary global tariffs could be raised to 15% keeps trade risks elevated and fuels concerns about new measures.