WASHINGTON (dpa-AFX) - In a mirror image of the performance in the previous sessions, treasuries saw early strength on Tuesday before giving back ground over the course of the day.
Bond prices pulled back off their highs in afternoon trading, closing roughly flat for the second straight session. The yield on the benchmark ten-year note, which moves opposite of its price, closed unchanged at 4.136 percent.
The early strength among treasuries came amid a sharp pullback by the price of crude oil, with crude for April delivery plummeting $10.61 or 11.2 percent to $84.16 a barrel after soaring to nearly $120 a barrel on Monday.
However, traders continue to express uncertainty about the U.S. war with Iran after President Donald Trump's latest remarks about the conflict.
Trump said in a press conference on Monday that the war against Iran could end 'very soon' but provided few details about his end game.
The president claimed in a subsequent post on Truth Social that Iran would be hit 'twenty times harder' if they do anything that stops the flow of oil within the Strait of Hormuz.
'We will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again - Death, Fire, and Fury will reign upon them - But I hope, and pray, that it does not happen!' Trump said.
Echoing Trump's confidence, Defense Secretary Pete Hegseth asserted in a press conference this morning that Iran is 'badly losing' but said the U.S. will still be launching its 'most intense day of strikes' in Iran today.
The latest developments in the Middle East are likely to remain in focus on Wednesday, although a report on consumer price inflation may still attract attention.
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