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Oil and Treasury yields jump as Trump says ceasefire is over

The 10-year yield moved about 4 basis points on the initial shock, while oil rose roughly $3 before giving back nearly $2.

Reported · Written up by our desk · Economy

Iran-related headlines resurfaced after Donald Trump said the ceasefire is over, and he also suggested peace deal talks may not continue, triggering fast market reactions, Mortgage News Daily reports.

According to the outlet, overnight trading saw a spike in both oil and Treasury yields, with the 10-year yield moving about 4 basis points at the peak, then recovering roughly half of the move within about two hours.

Oil prices rose about $3 in the initial move, then declined by nearly $2 after the first spike, as traders continued to digest the latest developments.

Looking ahead, Mortgage News Daily points to the 2:00 p.m. release of minutes from the most recent Federal Reserve meeting, with markets focused on any differences given that it was the first meeting that includes Warsh.

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