US Treasury yields decline as Iran ceasefire agreement holds and oil prices fall

Despite an exchange of fire the previous day when US forces attempted to forcefully open the Strait of Hormuz, Washington stated that the fragile ceasefire agreement remains in effect. However, the United Arab Emirates said the country is under attack by Iranian missiles and drones. On Tuesday (May 5th) in late New York trading, the yield on the US 10-year benchmark Treasury note fell by 2.3 basis points to 4.417%. The 2-year US Treasury yield fell by 1.5 basis points to 3.939%. The 5-year US Treasury yield dropped by 1.1 basis points to 4.075%.