It appears that we’ve seen small variations on the exact same peace deal news for the previous numerous days. That’s probably since there is a real peace offer that’s most likely near the real goal and that’s most likely why the market is actually ready to trade it. Today’s headings were as basic as any recent example: Iran’s state television obtained a draft of the peace structure with the essential inclusion being a dedication to restoring business traffic through Hormuz within one month. Bond yields dropped about 2bps on the news and MBS rallied about an eighth of a point– relatively tame, but clearly connected.
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