Ten-Year Treasury Yields Whipsaw on Iran Rhetoric Reversal

The 10-year U.S. Treasury yield spiked on July 8 as Trump's remarks on Iran escalation pushed oil higher, then reversed course July 9 when the same president signaled de-escalation and Tehran's interest in talks. The back-to-back moves—each material enough to register in a single session—reveal how lightly positioned markets remain on the conflict's trajectory. Six weeks in, headline-driven volatility hasn't compressed. Risk premia reset day-to-day rather than settling into a stable range.