Bonds & Stocks
Hopes for a deal between the US and Iran that will turn a fragile ceasefire into lasting peace fueled Wall Street optimism, driving stocks toward their longest streak of weekly gains since December 2023. The S&P 500 rose 0.6%. The yield on 10-year Treasuries declined four basis points to 4.53%.
Economy
The era of ultra-cheap mortgages is showing no signs of coming back, with the rate on 10-year Treasuries climbing to around 4.6% and the average rate on 30-year home loans reaching 6.51%, the highest since August. The rise in mortgage rates is having a chilling effect on the housing market, with demand stuck at historically low levels.
World
The United Arab Emirates has made a more concerted push for an end to the Iran war in recent days, joining Saudi Arabia and Qatar in urging US President Donald Trump to give negotiations a chance, according to several people familiar with the matter.