Treasury Market Summary
Treasury Market Summary: Most of the day's action occurred overnight and at the open, and was predicated on the spike in oil prices after Sunday's attack on Saudi oil facilities. Saudi said the Aramco attack cut about 50% of production. Equities were lower globally, amid geopolitical worries, and concerns that the U.S.-Iran tensions could heat up dramatically. The Dow finished 0.5% lower, with the S&P 500 down 0.3%. A renewed flight to quality trade into bonds saw the 10-year fall over 5 bps. The only data on tap was the September Empire State index which disappointed and fell to 2.0 from 4.8 in August. Meanwhile, the markets await a 25 bp rate cut from the FOMC on Wednesday.s. View the summary.