Treasury yields steady as U.S.-Iran ceasefire strains; Brent tops $78

According to CNBC, U.S. Treasury yields were broadly flat Monday as an interim ceasefire agreement between the U.S. and Iran came under strain after the two sides traded strikes over the weekend. The 10-year Treasury yield was little changed at 4.473%, the 2-year yield rose more than 1 basis point to 4.223%, and the 30-year yield was flat at 5.071%. Crude prices rose in early trading, with Brent futures up 2.8% to $78.11 a barrel and West Texas Intermediate futures up more than 2.5% to $73.25. Iran launched attacks on U.S. military bases in Kuwait, Bahrain, Jordan, Oman and Qatar, according to Iranian state media, after renewed U.S. strikes following an Iranian attack on a commercial shipping vessel. Core inflation readings are due Tuesday, and Kevin Warsh is set to make his first appearance before Congress as Fed chair later that afternoon; July consumer sentiment is due Friday. Resonate Wealth Partners CIO Alex Guiliano said the key issue is whether the data supports strong spending or shows consumers have been more affected by geopolitical risks and high interest rates.