U.S. equities continue to rise despite the deadlock in negotiations between the U.S. and Iran, with the Nasdaq up 1.6% (+6% YTD) and the S&P 500 up 1% (+4.2% YTD), despite earlier declines in Asia and Europe. The Treasury yield curve closed essentially flat, as did the European investment-grade sovereign yield curves; while...

At Kevin Warsh’s first confirmation hearing for the position of Fed Chair, he struck a “hawkish” tone, triggering rises in Treasury yields and declines in equities that ultimately totaled 0.6% after the cancellation of Vice President JD Vance’s trip to Pakistan to negotiate with Iran. The Treasury yield curve...

The market has become desensitized to the ups and downs of the conflict in Iran, largely brushing off what was effectively a breakdown of the agreement reached last week—which led the U.S. to seize an Iranian vessel attempting to pass through the Strait of Hormuz—with the biggest impact, of course, felt in the oil market, where prices rose 6%...

The U.S. reached an agreement with Iran to suspend its nuclear program, triggering a new wave of risk-on sentiment, with European and Asian equities rising by more than 1% alongside a rally in bond yields, as European yields fell by up to 12 basis points and U.S. yields by 6 basis points. In the energy sector, WTI fell 11% to $84 and Brent fell 9% to $90; gold...

It was a calmer day in the market, but U.S. indices still closed higher, extending their winning streak to 12 days; the Nasdaq is up 3.7% year-to-date (YTD) and the S&P 500 is up 2.86%. Earlier, Asian indices gained 1–2%, while European indices closed mixed, down 0.5%. As for interest rates, European rates fell by 1-3 bps...

The S&P 500 and the Nasdaq 100 hit new record highs, rising 0.8% and 1.6% today, respectively, after it was confirmed that the truce between the U.S. and Iran had been extended; earlier, Asian equities had risen while European equities had fallen by 0.5% on average. In terms of rates, we saw global increases of 3-5 bps, marking the 8th...