Treasuries Join Global Bond Rally as Oil Drops From Recent Peak

Treasuries gained as oil prices retreated from recent highs, allaying some angst about their inflationary potential while lingering at levels that stoke concern that elevated energy prices will slow economic growth.

The bond rally trimmed yields across Treasury maturities by four to six basis points, erasing their increases from Friday when the US benchmark crude futures contract closed near $100 a barrel, its highest level since mid-2022. It topped that level when trading resumed Monday in Asia, before falling more than 5% and settling under $94. US stocks also rose.