U.S. Treasury rates fell significantly early Wednesday following the declaration of a two-week truce in the Middle Eastern conflict.

The yield on the 10-year U.S. Treasury note, which serves as the standard for government borrowing, dropped by over 10 basis points to 4.2399%.

Yields on shorter- and longer-term notes were also reduced as investors flocked to U.S. bonds. The yield on the 2-year Treasury note, closely tracking Federal Reserve rate changes, fell by 11 basis points to 3.7193% by 3:35 a.m. E.T. The yield on the 30-year Treasury note decreased by 7 basis points to 4.8482%.

One basis point is equal to 0.01%, or 1/100th of 1%, and yields and prices move in opposite directions.

The decrease in borrowing costs occurs as worries about inflationary pressures stemming from the five-week conflict diminish.

Energy prices quickly shifted direction after the ceasefire initiated. According to the agreement terms, President Donald Trump committed to ceasing attacks on Iranian infrastructure, while Tehran will permit the secure navigation of vessels through the essential Strait of Hormuz waterway “in coordination with Iran’s Armed Forces,” Foreign Minister Abbas Araghchi stated.

Brent crude, the international standard, fell below $100 a barrel in initial trading, hitting $94.49—a drop of 13.5%. U.S. West Texas Intermediate decreased by nearly 15% to $96.20 a barrel.

The minutes from the Federal Open Market Committee’s meeting in March will be published later on Wednesday, as investors readjust their expectations regarding future Fed interest rate cuts. Markets will also pay close attention to the Mortgage Bankers’ Association’s latest 30-year fixed-rate data—a crucial indicator of U.S. housing affordability—set to be released later.

Core monthly and annual inflation statistics for March will be published on Friday.

U.S. Department of Agriculture Secretary Brooke Rollins transmitted USDA team members an Easter correspondence highlighting the narrative of Jesus’ crucifixion and resurrection, a notion some Christians claimed distanced them due to its overt religious tone.

“Happy Easter — He is Risen indeed,” Rollins articulated in the email dispatched on Good Friday, which CNBC has examined and was the first to disclose.

“From the base of the Cross on Good Friday to the stone that has been rolled away from the now vacant tomb, sin has been eradicated,” Rollins wrote.

“Jesus has risen from the dead. And God has bestowed upon each of us victory and new life. And where life exists — risen life — there exists hope.”

The email featured an image of a round stone displaced from Jesus’ tomb opening, adorned with the phrase “Christ is Risen” above the graphic.

A USDA employee, speaking to CNBC, conveyed that the email was objectionable to them as a dedicated Christian and as a department member working “with individuals of other faiths, Muslims, Hindus.”

The staffer, who opted to remain unnamed due to concerns over retaliation, indicated that other USDA personnel were similarly appalled by Rollins’ communication.

“People are not receptive to her form of branding from a Christian nationalist perspective,” the staffer remarked. “It misses the point from numerous aspects.”

“I actually find it blasphemous as it contradicts Jesus’ message,” they indicated.

When asked for comments regarding Rollins’ email and the reactions it prompted, a USDA spokesperson, in an email to CNBC, stated, “The Secretary is entitled to send correspondence to employees and the public on the Easter holiday, just as Secretaries of Agriculture and Presidents have done historically.”

The email was the centerpiece of a discussion on Reddit, where one commenter stated, “I am a federal employee and a Christian and completely offended by this nonsense!!! It makes me feel nauseous how they exploit Christ as an excuse for such poor behavior.”

Another commentator remarked: “Christ is Risen indeed. But, that’s as a Lutheran I say that.”

“It’s disgraceful to promote religion as a civil servant,” that commentator asserted. “My faith influences my life; it is irrelevant to the service I provide as a government employee and I would be failing the Warfighters who hold different beliefs if I were to actively promote Christianity.”

Rollins, in an interview with the Billy Graham Evangelistic Association’s Decision magazine released in June 2025, stated, “God’s presence has been the pivotal force in everything I’ve ever accomplished. God has been a substantial element of my life, even during times when I wished otherwise.”

The interview was titled: “Q&A with Brooke Rollins: Advocating for the Soul of America: USDA Secretary Brooke Rollins constructs policy based on Biblical principles.”

“Throughout the years — as a major in agriculture at Texas A&M and subsequently acquiring a law degree at the University of Texas, I genuinely believed I’d end up in seminary and become a youth minister; that was where my passion lay,” Rollins expressed during the interview.

In that same dialogue, Rollins elaborated on her engagement in Bible studies with fellow Cabinet members.

When prompted about a particular Bible passage she often reflects upon, Rollins answered, “Currently, the one that resonates with me is Romans 13:12, donning the armor of light.”

“I genuinely feel that. There’s a significant amount of darkness — not regarding this White House or my present boss, President Trump, or our Cabinet, but with government broadly, and with the opposing side contending for the soul of America,” she mentioned.

On Monday, President Donald Trump informed reporters of his belief that God backs the U.S. against Iran, which is predominantly Shiite Muslim.

“I do, because God is good,” Trump remarked at the White House in reply to a reporter’s inquiry. “And God desires to ensure the well-being of people.”

At the same briefing, Defense Secretary Pete Hegseth drew parallels between the rescue of a downed U.S. pilot in Iran and the account of Jesus’s resurrection.

“You see, shot down on a Friday, Good Friday; concealed in a cave, a crevice, all of Saturday; and saved on Sunday,” Hegseth noted. “Flown out of Iran as the sun rose on Easter Sunday, a pilot reborn.”

On Easter Sunday, Trump, via a Truth Social post, had cautioned Iran to open the Strait of Hormuz or “you’ll be immersed in Hell — JUST WATCH! Praise be to Allah.”

Allah is the Arabic designation for God in Islam.

White House Press Secretary Karoline Leavitt commenced a briefing on March 30 by stating to reporters, “Did you hear our ‘amen’ in there? We just had a brief loud prayer as a team.”