Far too many market individuals were obviously hoping that some sort of positive news on the war would be in some way assisted in by the Trump/Xi summit over the past 2 days. However talks involved the over night session with little to reveal for it. There was really extremely little noteworthy conversation about the war. Both celebrations desire it to end, however China does not seem on the brink of acting in that regard. Bonds began offering early in the overnight session and continued in the very same direction into domestic hours. 10yr yields are the greatest since May 2025 and MBS are down over half a point. Bonds also have considerations beyond simply following oil rates as the cost of the war continues to amount to more Treasury issuance and inflation expectations.
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