: Treasury yields plunge as traders weigh Israel-Hamas conflict after extended weekend

Treasury yields were broadly lower Tuesday morning as traders assessed developments in Israel’s war on Hamas and market-implied chances of no further rate hikes this year by the Federal Reserve. Yields were already sharply lower during the European morning, with Treasury set to auction a total of $224 billion worth of 4-, 8- and 17-week securities later today. As of the New York session, the 10-year rate fell 8.7 basis points to 4.696% from Friday’s closing level. The 30-year rate was off by 5.3 basis points at 4.888% and the 2-year rate was down 8.6 basis points at 4.991%, each relative to Friday’s closing levels. The cash market was closed on Monday for Columbus Day and Indigenous Peoples Day.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.