Bonds & Stocks
Stocks fell and oil rose on concern the war in the Middle East is intensifying ahead of President Donald Trump’s deadline for Iran to agree to a ceasefire deal. The S&P 500 fell 0.3%. The yield on 10-year Treasuries was little changed at 4.33%.
Economy
The jump in US mortgage rates is set to end eight-straight months of improved affordability caused by lower borrowing costs and slowed home-price gains, according to Oppenheimer. Average 30-year rates were more than 210bps above 10-year Treasuries last week, versus the low-180s in late January.
World
US President Donald Trump reiterated his ultimatum for Iran to agree to a ceasefire deal or face a major military escalation, as both sides kept up attacks in the sixth week of the war. “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will.”