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Oil slides and yields dip as US-Iran airstrikes pause
The pause follows weeks of tit for tat strikes in July, and 10-year Treasury yields moved back under the long term trend line.
Mortgage News Daily said the bond market had a relatively straightforward morning as the U.S. and Iran indicated a pause in their tit for tat airstrikes that have characterized most of July, without a formal ceasefire.
The outlet reported that oil dropped sharply on the news, though it noted the size of the move is unclear because markets were fully closed at the time.
Mortgage News Daily also said the risk tone carried into rates, with 10-year Treasury yields moving back under the upper line of a long term trend channel after spending the last two days above it.
The outlet added that economic data was a non event for the session, with investors looking ahead to Wednesday afternoon's Fed announcement on the schedule.