It marked another day of gains in the $29 trillion Treasury market, which has swung throughout April on President Donald Trump's evolving trade policies and uncertainty about the Fed's path.

Federal Reserve Gov. Adriana Kugler said tighter monetary policy has proved to be less impactful on nonbank lenders during the post-pandemic era.

At the Oval, Trump didn't respond to a follow-up question from a reporter about whether he was trying to remove him.

Investor confidence in US bonds can no longer be taken for granted — not after a years-long borrowing binge, not with a president hell-bent on rewriting the rules at home and abroad and antagonizing many of the country's biggest creditors.

It's bringing back memories of the basis-trade unwinds at the onset of the pandemic — when widespread deleveraging sparked blowups of the popular hedge fund strategy that sent bonds tumbling.

Federal Reserve officials want to see how exactly new trade policies impact the U.S. economy before adjusting interest rates. Markets and monetarists have different ideas about what that might look like.

The central bank wants to let Trump's policies play out across the economy before deciding which way to move interest rates, and it's too soon to know what the impacts will be, the Federal Reserve chair said.

The bid for havens also saw traders boosting bets on Fed interest-rate cuts, fully pricing in a quarter-point move by June.

The Federal Reserve governor said it is healthy to examine the regulatory architecture, but stressed the importance of the central bank having insight into the banking system.

For bond investors who'd been piling into Treasuries over recent weeks, Wednesday's Fed policy announcement offered vindication.