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BONDS: Bid As U.S. Official Flags Fresh Moves Against Iran

BONDS
BulletMarketsFixed Income Bullets

Bonds and oil rally after a U.S. official tells RTRS that U.S President Trump is expected to sign an executive order on Tuesday restoring "maximum pressure" on Iran, with the Secretary of State set to “modify or rescind existing sanctions waivers and cooperate with treasury to implement a campaign "aimed at driving Iran’s oil exports to zero.”

  • The negative correlation between bonds and oil had been at play before crude turned, helping core global FI markets away from session lows, before bond markets reacted to the headlines in more of a risk-off fashion.
  • U.S. yields now little changed to 1bp higher on the day, light steepening on the curve.
  • Meanwhile, German yields are 2-3bp higher and UK yields are 2-4bp higher.
  • Trump headline risk remains elevated in the early weeks of his Presidency and is set to remain a mainstay during his second term.
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Bonds and oil rally after a U.S. official tells RTRS that U.S President Trump is expected to sign an executive order on Tuesday restoring "maximum pressure" on Iran, with the Secretary of State set to “modify or rescind existing sanctions waivers and cooperate with treasury to implement a campaign "aimed at driving Iran’s oil exports to zero.”

  • The negative correlation between bonds and oil had been at play before crude turned, helping core global FI markets away from session lows, before bond markets reacted to the headlines in more of a risk-off fashion.
  • U.S. yields now little changed to 1bp higher on the day, light steepening on the curve.
  • Meanwhile, German yields are 2-3bp higher and UK yields are 2-4bp higher.
  • Trump headline risk remains elevated in the early weeks of his Presidency and is set to remain a mainstay during his second term.