Bonds & Stocks
Bonds steadied after a selloff that drove global yields to the highest in decades as oil’s rally lost steam, helping US stocks to extend gains for the week. The 10-year Treasury yield slipped two basis points to 5.18%, paring a two-day surge of more than 20 basis points.
Economy
As yields on US Treasuries soar past one high after the next, a reality is sinking in deeper across Wall Street and Washington: More than merely a bond-market slump, this might just be a fundamental shift. Now, nearly all US benchmark yields are hovering around or above 5%, with five-year Treasuries surpassing that threshold on Wednesday for the first time since 2007.
World
US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, according to a person familiar with the discussions.