Bond Market Update

Eye on Oil

• The upward drift in Treasury yields (which followed the upward drift in oil prices) has been stymied in afternoon action, aided by a downward move in oil prices that followed President Trump's announcement that his representatives met with Iranian officials today for three hours in a meeting that went "very well."
• WTI crude futures were approaching $97.00/bbl before that news but are now back under $95.00/bbl at $94.74, down 1.1%.
• Yield check:
  • 2-yr: unch at 4.75%
  • 3-yr: unch at 4.82%
  • 5-yr: +1 bp to 4.84%
  • 10-yr: unch at 4.96%
  • 30-yr: unch at 5.30%