Macro and Government Bond Commentary: Yields rise with crude oil prices, though some reversal seen in late trade • The 10Y benchmark (6.79 GS 2034) opened higher at 6.36% following a rise in crude oil prices overnight (with escalating tensions between Israel and Iran) and were ranged through the morning. Early afternoon trade saw yields drop with correction in crude oil prices on hopes of a nuclear deal between Israel and Iran following President Trump’s proposal for a truce. Auction results came in along expected lines except for the duration segment. The 10Y point closed trade at 6.36% vs 6.34% prev.
