Treasuries Surge as Markets Wait on Fed Decision Amid Iran Conflict

US Treasuries rose in tandem with equities on Monday as oil prices fell following the recent pause in the US-Israel war with Iran. The advance in government debt sent yields lower by around one to four basis points, with those on the 10-year note dipping to 4.64%. This week's early move in the bond market sets up Kevin Warsh's second meeting at the helm of the Fed.

The recent selloff in global bonds has left traders pricing in an unusually high amount of uncertainty about a potential rate hike this month. Last week's selloff saw some yields reach their highest levels in years, contributing to the current market unease.