The US 10-year Treasury note yield stabilized at approximately 4.2% on Wednesday, following a three-day decline, as market participants awaited President Donald Trump's upcoming tariffs announcement with caution. The White House confirmed that reciprocal tariffs on countries imposing duties on US products would be implemented immediately. Nevertheless, Treasury Secretary Scott Bessent indicated that these tariffs would act as a "cap," providing nations an opportunity to make adjustments to lower them. In the economic sphere, data released Tuesday revealed that US factory activity experienced its first contraction of the year in March, accompanied by a price increase for the second consecutive month, highlighting the effects of tariffs. Although job openings saw a decrease in February, the low rate of layoffs suggests a slowly cooling labor market. Investors are now focused on the upcoming ADP employment report on Wednesday and the nonfarm payroll data on Friday for further insights into Federal Reserve policy movements.