Market Update – Long Duration Bounce on Lower Oil/yields, With Huge UBS Upgrade to Micron’s Price Target

Over the three-day holiday weekend, a steady stream of “imminent deal” headlines drove WTI crude futures down as much as -8%, pulling Treasury yields lower in tandem. While crude and yields have bounced off Monday morning’s lows following renewed (but limited) hostilities in Iran, both remain notably lower for the week on lingering optimism around…