Live Updates > Live Update Details
2026-05-29 18:17:26
[Bessant: US-Iran "may have reached a preliminary agreement," 2s-10s yield spread holds steady at 42.7 basis points] ⑴ US Treasury Secretary Bessant stated that the US and Iran "may have reached a preliminary agreement." The agreement still requires Trump's approval and includes provisions for the gradual reopening of the Strait of Hormuz and Iran's commitment to reduce some of its nuclear programs. The Wall Street Journal reported that the gap between corporate profits and worker wages has hit a record high, with the labor share falling to a historic low. ⑵ Chevron's CEO warned that oil prices will jump this summer as supply decreases. The Strait of Hormuz blockade has removed up to 13 million barrels of supply per day from the global market and depleted its "shock absorbers." On Thursday, the 2s-10s US Treasury yield spread ranged from 42.8 to 41.2 basis points, last quoted at 42.7 basis points; the 5s-30s spread was last quoted at 82.3 basis points. (3) The latest yields for 2-year and 5-year maturities were 4.02%, 4.153%, 4.451%, and 4.977%, respectively. TYU26 trading volume reached 348,000 lots, higher than the average. Friday's economic data includes the April trade deficit (expected -$86.5 billion) and the May Chicago PMI (expected 50.5). Federal Reserve Vice Chairman Bowman and Philadelphia Fed President Paulson will deliver speeches.
