Bond yields largely steadied Friday morning as investors digested the latest Treasury auction and President Donald Trump’s pledge not to attack Iran until after the midterm elections.<\/p>\n
Yields on 10-year U.S. Treasurys<\/a> \u2014 the main benchmark for mortgages, auto loans and credit card debt \u2014\u00a0were last seen flat at 5.2399%.<\/p>\n The yield on longer-dated 30-year U.S. Treasury notes<\/a> \u2014 which tend to move on geopolitical events \u2014 was also unchanged at 5.6150%. <\/p>\n The yield on the 2-year Treasury note<\/a>, which more closely follows short-term Federal Reserve rate decisions, was more than 2 basis points higher at 4.7827%. <\/p>\n One basis point equals 0.01%, or 1\/100th of 1%, and yields and prices move inversely to one another.<\/p>\n The moves come after Treasury yields fell<\/a> during the previous session, having hit their highest level since 2002 earlier in the week.<\/p>\n President Trump said on Thursday that the U.S. will not launch any strikes against Iran before next month’s midterm election, striking a more diplomatic tone amid an apparent slide in support for the war in the Middle East<\/a>. <\/p>\n Energy prices, which have risen sharply since the outbreak of the conflict on Feb. 28, fell after Trump’s comments. West Texas Intermediate futures<\/a> were last seen 0.79% lower at $90.77 a barrel, with Brent crude<\/a>, the global price benchmark, down 0.99% at $103.25.<\/p>\n Earlier, Federal Reserve Governor Christopher Waller suggested that more interest rate rises may be needed to tackle stubborn inflation, which has stayed above the Fed’s 2% target for more than five years. But speaking at a Central Bank of Turkey forum in Istanbul, Waller said hikes may not necessarily be needed immediately.<\/p>\n