1603 ET - Bond markets trade sideways but the U.S. Treasury borrowing costs keep rising. A two-year notes auction has a yield of 4.787%, the highest paid by the Treasury since May 2024. Demand was robust, nonetheless. A five-year auction is scheduled for tomorrow, followed by a seven-year tender on Thursday. Oil prices fall around 1% amid hopes of a deal to normalize trade through the Strait of Hormuz. Inflation expectations as measured by one-year swaps decline to 2.3% from 2.6% two weeks ago, but remain above the Fed's 2% target, according to LSEG. The 10-year yield rises 0.004 percentage point to 4.966%, while the two-year slips 0.001 point to 4.749%.
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