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On April 29, White House officials stated that Trump met with oil company executives on Tuesday to discuss the possibility of extending the blockade of the Strait of Hormuz for several months if necessary. The already pressured U.S. Treasury bond prices fell in response to the news. Brent crude oil continued to rise, with intraday gains expanding to 5%, further impacting the bond market. Commodity Trading Advisors (CTAs) covered their profitable short positions after the data was released and then resumed selling. As support levels across the yield curve were breached, algorithmic trading took over. Meanwhile, U.S. Treasury yields continued to rise, with the 2-year yield reaching 3.90%, the highest level since March 30. (Jin Shi)

The Gulf Coast oil inventories saw the largest decrease, dropping by 6.049 million barrels. East Coast oil imports fell to 136,000 barrels per day, reaching a historic low.

Golden Ten Data reported on April 29 that on Wednesday local time, Kevin Walsh, the next Federal Reserve chairman candidate nominated by US President Trump, was supported by the Senate Banking Committee in a 13-11 vote, paving the way for his full confirmation by the Senate before Powell's term ends on May 15. The nomination will subsequently be submitted to the full Senate for a vote. Walsh's nomination had previously been blocked by Republican Senator Thom Tillis until the Department of Justice agreed last week to temporarily suspend its criminal investigation into cost overruns in the Federal Reserve's Washington headquarters renovation project. This vote opens the door for the largest shake-up at the Federal Reserve in years under Walsh’s leadership. When seeking Trump's nomination, Walsh proposed the prospect of a "regime change," pledging to reduce the Federal Reserve's $6.7 trillion balance sheet, establish a new inflation management framework, and change how the central bank communicates with the public. However, he provided little detail on how these goals would be achieved.