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U.S. Treasury yields rose on Monday as Wall Street monitored the latest developments amid rising tensions in the Middle East.
The yield on the 10-year Treasury note, a key measure of U.S. government borrowing, rose more than 5 basis points to 4.594%.
The yield on the two-year Treasury note, which is more closely tied to the Federal Reserve’s short-term interest rate policy, rose more than 3 basis points to 4.211%. The yield on 30-year government bonds also rose by more than 5 basis points to 5.115%.
One basis point equals 0.01%, and yields and prices move in opposite directions.
Centcom announced in a post on
The three-hour exercise targeted Iran’s military headquarters, air defense and coastal surveillance sites, maritime capabilities, and missile and drone launch sites. Centcom said the operation was aimed at further reducing the Iranian government’s ability to attack commercial ships and civilian sailors transiting the Strait of Hormuz.
The US strikes have escalated in recent days, with Tehran reporting strikes on civilian infrastructure, including the Bonj desalination plant, which has cut off water supply to about 10,000 people.
Tehran retaliated across the Gulf, launching new attacks on targets in neighboring countries including Bahrain, Saudi Arabia and Jordan. Kuwait’s military announced on Monday that its air defense systems were intercepting “hostile” drone attacks from Iran.
U.S. Treasury yields fell last week as investors digested a trove of data releases showing the U.S. economy continues to endure inflationary pressures from the Iran war.
Last week’s decline in borrowing costs came on the back of weaker-than-expected producer and consumer price data, but the number of new U.S. jobless claims for the week ending July 11 was lower than expected at a seasonally adjusted 208,000.
On Friday, investors will focus on the latest S&P Global Flash U.S. PMI report, which measures the economic health of the U.S. manufacturing and services sectors.
—CNBC’s Anniek Bao also contributed to this report.
