Bond Market Update

Some Calm

• A lot of back-and-forth headlines recently about a possible breakthrough in U.S.-Iran dealings. CNN reports that President Trump is open to the idea of Iraninan sanctions relief if there is "concrete progress" on a nuclear deal. However, there is a Bloomberg report that Iranian officials are pessimistic about a deal before the midterm election.
• Oil prices, though, have turned lower (WTI $91.59, -0.82, -0.9%), which has helped calm some of the selling pressure that has been afflicting Treasuries today.
• Yield check:
  • 2-yr: +6 bps to 4.91%
  • 3-yr: +6 bps to 4.99%
  • 5-yr: +7 bps to 5.06%
  • 10-yr: +7 bps to 5.23%
  • 30-yr: +8 bps to 5.57%