War Headlines Pushing Oil and Yields Higher

by Matthew Graham

War Headlines Pushing Oil and Yields Higher Some summertime Mondays are slow and uneventful. Some see brisk movement. Today's was somewhere in between. There was modest pressure at the outset following headlines about Iran planning to escalate hostilities. The sharpest increase in oil prices coincided with Iran seizing a UAE tanker in the Strait of Hormuz. 10yr yields followed and hit the highs of the day shortly thereafter. Bottom line: fairly straightforward day, even if moderately unpleasant for fans of low rates. Econ Data / Events NY Fed Manufacturing 20.6 vs 11 f'cast, 15.6 prev Market Movement Recap 09:21 AM MBS down and eighth and 10yr up 1.4bps at 4.707 11:02 AM MBS down 1 tick (.03) and 10yr up 1bp at 4.702 01:15 PM MBS down 3 ticks (.09) and 10yr up 1.9bps at 4.712