Big Early AM Rally Gets Bonds Back in The Green

Up until roughly 7am ET, it was a rough night for the bond market. 10yr yields had been selling off steadily throughout, hitting 4.443% by 6:45am. Then at 7:04am, newswires indicated „talks“ between the US and Iran, and a 5 day ceasefire of sorts. Yields and oil plunged instantly. Stocks rallied. The 10yr dipped as low as 4.308% before bouncing. The bounce coincided with reports that there were no talks, but yet othe…