MUMBAI, April 22 (Reuters) - Indian government bond yields rose marginally on Monday, tracking a rebound in U.S. Treasury yields, but traders do not expect the 10-year benchmark yield to break the 7.25% mark.

The yield on the benchmark bond was at 7.2301% as of 10:00 a.m. IST, following its previous close at 7.2278%. Earlier in the day, it rose to a four-month high of 7.2447%.

"There was an attempt to surpass the critical level of 7.25% at opening, but since that has been protected, we are likely to see rangebound moves in bond yields, with focus on Treasuries," a trader with a state-run bank said.

U.S. Treasury yields rose as safe-haven demand declined, with the 10-year yield above the 4.65% mark in Asian trade.

U.S. yields have risen sharply, with the 10-year up by over 45 basis points this month, as Federal Reserve officials have said they do not feel an urgent need to cut rates given the strength in the U.S. economy.

Investors have pared down expectations over the timing and quantum of U.S. rate cuts in 2024.

Futures are now pricing the possibility of less than 40 basis points (bps) of cuts by the end of this year, against over 150 bps at the start of the year, according to CME's FedWatch Tool.

In India, the minutes of the central bank's latest monetary policy meeting provided little confidence to bulls, as they reiterated the focus on meeting inflation target of 4%.

The rate-setting panel is being overly cautious, Nomura said in a note.

Supply-side risks will always be around, but the sharp drop in core momentum and the absence of second-round effects could mean policy rates risk being too restrictive, it added.

Meanwhile, oil prices eased from recent highs, as Israel and Iran played down the risks of an escalation of hostilities.

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)