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Trump Plans to Extend Iran Blockade for Months, U.S. Treasury Yields Drop

On April 29, White House officials stated that Trump met with oil company executives on Tuesday to discuss the possibility of extending the blockade of the Strait of Hormuz for several months if necessary. The already pressured U.S. Treasury bond prices fell in response to the news. Brent crude oil continued to rise, with intraday gains expanding to 5%, further impacting the bond market. Commodity Trading Advisors (CTAs) covered their profitable short positions after the data was released and then resumed selling. As support levels across the yield curve were breached, algorithmic trading took over. Meanwhile, U.S. Treasury yields continued to rise, with the 2-year yield reaching 3.90%, the highest level since March 30. (Jin Shi)

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