Trump should pursue a ceasefire with Iran to stabilize Treasury markets

The armed conflict between the United States and Iran and the political fight it set off at home, from strikes and the naval blockade around the Strait of Hormuz to negotiations over Iran's nuclear program. Debated through war powers, munitions stocks and household costs.

The policies, political debates, and institutional decisions shaping how the United States engages with Iran, from diplomacy and sanctions to military and congressional action.

Coverage of the American economy and the policy that shapes it: inflation, employment, tariffs, taxation and the federal budget. Distinct from business news, which follows companies rather than the decisions taken in Congress and at the Federal Reserve.

United States strategy and action abroad, spanning diplomacy, alliances, sanctions, foreign aid and military commitments. Formally the president's domain, though Congress holds the purse and the treaty power, which makes most of it a negotiation between the two branches of government.

Yields reached a twenty-month high as the Hormuz shock revived inflation fears, the ten-year at 4.80 percent and markets repricing for a Federal Reserve that may raise rather than cut. A forty-trillion-dollar debt makes the borrowing costs bite at home.