WASHINGTON (dpa-AFX) - After moving sharply lower over the past few sessions, treasuries showed a strong move back to the upside during trading on Monday.
Bond prices surged early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 5.9 basis points to 4.686 percent.
With the decrease on the day, the ten-year yield gave back ground after ending last Friday's trading at its highest closing level since early January 2025.
The rebound by treasuries as crude oil prices have plummeted amid renewed optimism about an end to the conflict in the Middle East.
U.S. crude oil futures are plunging by more than 5 percent after President Donald Trump said in a post on Truth Social that he had canceled a planned attack on Iran.
'We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,' Trump said. 'This would include the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat.'
He added, 'Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL.'
Trump later claimed that talks between the U.S. and Iran would begin Monday afternoon, although Tehran has denied there are plans for direct negotiations with the U.S.
In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. manufacturing activity increased by more than expected in the month of July.
The ISM said its manufacturing PMI climbed to 55.6 in July from 53.3 in June, with a reading above 50 indicating growth in the sector. Economists had expected the index to rise to 54.0.
With the much bigger-than-expected increase, the index reached its highest level since hitting 55.9 in May 2022.
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