Victory For Cynics as Ceasefire Rebound is Already Over

Even though there were doubts about their scope and impact, yesterday morning's headlines introduced the prospect of some sort of ceasefire in the Iran war. Markets traded accordingly, including the "doubts" part (i.e. there was an initial rebound yesterday and an additional rebound this morning). 10yr yields have now fully erased yesterday morning's gains even though oil prices remain quite a bit lower.