S&P 500 ▼ 7,403.05 · Brent ▼ $109.15 · 10Y UST ▲ 4.62%
Trump cancelled a planned military strike on Iran at the request of three Gulf leaders. Brent fell 2 per cent on the postponement. Long bonds sold off everywhere – not on relief, but on the fear that the underlying inflation shock has no political solution. The postponement changes the calendar. It d…