Treasury Yields Reverse as Trump Shifts Iran Tone

The 10-year Treasury yield spiked July 8 on Trump's Iran escalation rhetoric, sending oil prices up, then fell July 9 when he signaled de-escalation and openness to talks. Each move registered sharply in a single session. The whipsaw reveals markets remain lightly positioned on the conflict's path, with risk premia resetting day-to-day rather than settling into stable range.