Victory For Cynics as Ceasefire Rebound is Already Over

Even though there were doubts about their scope and impact, yesterday morning's headlines introduced the prospect of some sort of ceasefire in the Iran war. Markets traded accordingly, including the "doubts" part (i.e. there was an initial rebound yesterday and an additional rebound this morning). 10yr yields have now fully erased yesterday morning's gains even though oil prices remain quite a bit lower.

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Giving Peace (And Bonds?) a Chance

Granted, it may be far less promising than some of the more conclusive headlines that led up to previous ceasefires and peace memos, but Tuesday delivered at least a modicum o…

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Another Slightly Stronger Start

Once again, bond yields dropped in the overnight session in concert with lower oil prices. Today’s iteration is less swift than yesterday’s, but after last week’s sell-off, we’ll take any green we can get. Econ data is light and inconsequential. The 7y…

Victory For Cynics as Ceasefire Rebound is Already Over

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