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Yields rise on Iran de-escalation hopes, ISM data barely sways
Markets reacted to canceled planned air strikes and signals of reopened negotiations, then largely shrugged off a brief threat from stronger ISM Services data.
Mortgage News Daily says bonds opened the session stronger after oil prices fell on renewed hopes for de-escalation in the Iran war. The shift followed reports of canceled planned air strikes and comments that suggested negotiations could reopen.
The outlet noted that bonds were at their best levels just before 8am, before giving back part of the early rally by about 10am. It said stronger ISM Services data briefly threatened to extend a correction, but selling did not last.
According to Mortgage News Daily, yields moved back below pre-data levels in less than 20 seconds of selling, highlighting how quickly rates traders faded the stronger services reading once the Iran-related backdrop remained in focus.