• MSCI’s global equity index advanced slightly, oil prices rallied on supply concerns and U.S. Treasury yields rose on Monday as investors digested mixed messages from the Federal Reserve about the prospects for 2024 interest rate cuts.
  • Oil prices climbed after Iranian-backed Houthi militants stepped up attacks on vessels in the Red Sea, raising concerns about supply disruptions.
  • Benchmark 10-year notes were up 1.5 basis points to 3.943%, from 3.928% late Friday. The 30-year bond was last up 2.5 basis points to yield 4.0521%. The 2-year note was last was up 0.2 basis points to yield 4.4569%.
  • However, the U.S. dollar eased against the euro, extending last week’s fall, as the U.S. currency remains under pressure from last week’s signals about the possibility of rate cuts.