The ICE BofA MOVE index, a measure of U.S. Treasury volatility, climbed about 29.69% this week — its largest weekly rise since April last year — after Treasury yields pushed to multi-decade highs, ending a recent lull. The index is at its highest level since March, when the Iran conflict began. With volatility elevated, many traders are sitting on the sidelines; SOCGEN rate strategist Adam Kurpiel says his team is neutral on U.S. rates and will wait for volatility to ease before trading.

Mexico's central bank said it does not need to mechanically react to shifts in market expectations for US interest rates.

China's deputy UN envoy Sun Lei told an informal Security Council–Arab League dialogue on the 24th that Middle East security should be led by regional states. He said the Palestinian issue remains central and urged irreversible steps to implement a two‑state solution and early Palestinian statehood. China encouraged the US and Iran to exercise restraint and to return promptly to the Islamabad memorandum of understanding, rebuilding a negotiation mechanism based on consensus reached to date. Beijing warned against further spillover to Yemen and the Red Sea, urged parties to stop actions that complicate the situation, and called for effective measures to restore normal, secure transit through the Strait of Hormuz to safeguard global trade and supply chains. It said merchant vessels' navigation rights in the Red Sea under international law should be respected.