Summary

• The price of the U.S. benchmark for crude oil fell below $70 a barrel on Wednesday, marking the lowest level since the war with Iran began on Feb. 28.
• The oil market is pricing in continued progress and a return to normal energy exports in the weeks and months ahead.
• Despite the uncertainty that still hangs over the Middle East, Treasury yields have begun to pull back, although unevenly.
• The 30-year yield, the most inflation-sensitive maturity, fell sharply yesterday, dropping to 4.84%, the lowest level in several months.

The price of the U.S. benchmark for crude oil fell below $70 a barrel on Wednesday, marking the lowest level since the war with Iran began on Feb. 28. The sharp slide will ease pressure on headline inflation measures in