U.S. Treasury yields fell sharply on Monday after the United States and Iran ceased hostilities in the Middle East, pushing energy prices lower. The 10-year Treasury yield dropped more than 3 basis points to 4.6406%, while the 2-year yield fell 2 basis points to 4.3030% and the 30-year yield declined over 3 basis points to 5.1260%. Oil prices reversed course significantly, with West Texas Intermediate crude falling 5.34% to $84.55 per barrel and Brent crude down 5.77% to $91.20. Markets are now focused on the Federal Reserve’s interest rate decision due Wednesday, where consensus forecasts expect rates to remain unchanged at 3.75%.
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