It’s been a volatile session in the bond market, but the 10-year yield is currently higher by another 6.7 basis points, to a near two-decade high of 5.183%.
The 30-year yield is higher by 7.1 basis points to 5.473%.
U.S. stocks, though, have reversed early session declines, with the Nasdaq and S&P 500 each back to flat with about 40 minutes left in Thursday’s session.
Bitcoin continues in a very tight range just above $84,000.
“The Reuters report is false, and its goal is to control the price of oil,” wrote journalist Mohammad Ghader, commonly thought to fairly represent the views of the Iranian leadership.
“No negotiations are underway,” he continued. “Iran’s position remains unchanged: the U.S. must fulfill the stipulated conditions in a single step so that the Strait of Hormuz can be opened under Iranian control. Period.”
WTI crude oil is rising again, now higher by 3.5% for the day. BItcoin has slipped back to $84,100.
U.S. and Iranian negotiators are discussing a phased agreement to end the war, according to a Reuters headline.
The deal would include a reopening of the Strait of Hormuz, and D.C. lifting its economic blockade of Iran.
The major obstacle in talks, according to Reuters, citing Iranian, regional, and Western sources, is neither side wanting to be the first to surrender its leverage. Thus, the phased approach — Iran reopening the Strait in exchange for the Trump administration to potentially give the Iranian government access to frozen assets.
For the moment, the news has sent oil lower by nearly $2 per barrel, though it’s still up 2% for the day. That’s easing interest rates by a couple of basis points, with the Nasdaq trimming an earlier 0.8% decline to just 0.2%.
Bitcoin has bounced a bit, now trading at $84,600, up 0.5% over the past 24 hours.
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