10-Year Treasury Yield Falls to 4.667% as Oil Drops 3% on Hormuz Deal Hopes
Updated
Updated · CNBC · Aug 4
10-Year Treasury Yield Falls to 4.667% as Oil Drops 3% on Hormuz Deal Hopes
3 articles · Updated · CNBC · Aug 4
Summary
The 10-year Treasury yield fell nearly 2 basis points to 4.667% on Tuesday, while the 2-year slipped to 4.229% and the 30-year eased to 5.222%.
Oil prices drove the move lower after Treasury Secretary Scott Bessent said talks with Iran could produce a deal as soon as Tuesday or Wednesday to reopen the Strait of Hormuz.
WTI crude dropped 3% to about $77 a barrel and Brent fell 2% to around $81, easing some inflation pressure that had recently pushed long-dated Treasury yields sharply higher.
That pullback follows a run-up that sent the 30-year yield to its highest level since 2007, even as investors are still digesting the Federal Reserve's hawkish hold last week.