The ICE BofA MOVE index, a gauge of bond-market volatility, rose about 29.69% this week, its biggest increase since last April's so-called "Liberation Day." The index has reached its highest level since March, when the Iran war had just broken out, after U.S. Treasury yields climbed to multi-decade highs. Market swings have prompted many traders to stay on the sidelines. Adam Kurpiel, head of rates strategy at Société Générale, said his team currently holds a neutral view on U.S. interest rates and is waiting for volatility to decline before trading.