Trump says US does not need Iran deal, pulls Vance off diplomacy; Treasury selloff accelerates as 10-year tops 5%
What happened
President Trump posted on Truth Social on Thursday morning, Nov 12, at 8:07 a.m. ET: "We don't need a deal with Iran. Those days have long since passed. We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!" In the same post he directed Vice President JD Vance to give his "complete and total attention" to investigating corruption in Democratic-run cities and states instead of diplomacy. The remarks immediately moved markets: the Treasury selloff accelerated in early U.S. trade, with the 2-year yield up 9 basis points to 4.814% and the 10-year yield up almost 6 basis points to 5.046%, according to Tradeweb. Oil jumped: Brent crude rose 1.6% to $94.25 a barrel and WTI rose 1.3% to above $87, per CNBC, and Nasdaq futures weakened.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Broad U.S. equities (Nasdaq futures weakened, tech under pressure on top of the Nvidia slide); energy/oil (Brent and WTI up over 1% on renewed supply-risk premium); rate-sensitive stocks and bonds (Treasury selloff, 10-year above 5%, reinforces the Fed-hike repricing that followed Tuesday's hot October CPI); defense and shipping names exposed to Strait of Hormuz disruption.