Foreigners are still buying US Treasuries: Net inflows to US Treasury funds from foreign investors reached 1.2 billion over the last 4 weeks, the highest in 6 months. This is despite a 50-basis point spike in 10-year note yield recorded in the 2nd week of April, the largest in 24 years. However, as the Fed delays rate cuts and odds of a recession decline, yields are rising sharply. Keep watching the bond market.