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2026-05-22 21:37:58
[US Treasuries Enter Wait-and-See Mode, Qatar Mediation News Triggers Short Covering] ⑴ US Treasuries rose steadily overnight as the market remained cautious about the prospects of a US-Iran agreement. US Secretary of State Rubio stated that negotiations showed "positive signs," while a senior Iranian official indicated that no agreement had been reached but differences had narrowed, putting pressure on the market due to this uncertainty. ⑵ Traders tended to interpret the situation optimistically, with bond prices rebounding after media reports that Qatar and the US were coordinating the dispatch of a negotiating team to Tehran to end the war. Tense short covering pushed yields across all maturities back to resistance levels, and another wave of buying from CTAs joined the buying frenzy. ⑶ The 10-year Treasury yield was last quoted at 4.536%, down 4.8 basis points; the 30-year yield was at 5.063%, down 4.8 basis points; and the 2-year yield was at 4.063%, down 2.4 basis points. The spread between the 2-year and 10-year yields narrowed to 47.1 basis points, a decrease of 2.6 basis points from the previous day.
