Summary

• The ceasefire in the Middle East continues, but the blockade of Iran is an act of war, and the Strait of Hormuz remains blocked, even if there are some reports that a few ships have managed to transit it.
• The euro is mostly trading in a little more than a quarter-of-a-cent range below $1.1720 today.
• Asia Pacific equities were mixed, and Japan’s markets were closed for a national holiday.
• Benchmark 10-year yields are firm in 2-3 bp higher in Europe and the 10-year US Treasury yield is two basis points higher to approach 4.37%.

There are two dominant issues today. First, the ceasefire in the Middle East continues, but the blockade of Iran is an act of war, and the Strait of Hormuz remains blocked, even if there are some reports that

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