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Trump plans to keep Iran blockade in place for several months, U.S. bonds drop accordingly
BlockBeats News, April 29 — A White House official stated that Trump met with oil company executives on Tuesday to discuss the possibility of maintaining a blockade of the Strait of Hormuz for several months if necessary. The already pressured U.S. Treasury bond prices fell on the news. Brent crude oil continued to rise in response, with intraday gains reaching up to 5%, further impacting the bond market.
Commodity Trading Advisors (CTAs) covered their profitable short positions after the data release, then resumed selling. As support levels across various maturities of the yield curve were broken, algorithmic trading took the lead.
Meanwhile, U.S. Treasury yields continued to rise, with the 2-year yield reaching 3.90%, the highest since March 30. (Jin10)