In April, U.S. Treasuries experienced a challenging month with yield spiking up 40-50bps across the curve. Meanwhile, several Federal Reserve speakers indicated that there was no immediate need to lower interest rates as inflation remain elevated and the labor market continue to be robust. The delay in rate cuts in the U.S. is now impacting emerging market (EM) central banks. Several EM central banks are still cutting rates, but with greater caution. Notably, Indonesia surprised the market by raising rates. Overall, the situation reflects the influence of developments in U.S yield on EM monetary policy.