We saw the bond market improve last week after news was leaked that the U.S. and Iran had reached a preliminary deal to extend their ceasefire by 60 days.
In addition, there was talk about opening the Strait of Hormuz and removing all mines within 30 days.
An important caveat is that the deal was not yet approved by U.S. President Trump, although markets didn’t seem too worried about that.
Let’s hope this is the start of a turn in the rate market.