Treasuries retreated from near their best levels of the past month as the first of three labor-market reports this week backed wagers that the Federal Reserve’s next move will be to raise interest rates.

Traders trimmed wagers on the extent of interest rate hikes from the Bank of England this year, fueled by falling oil prices on optimism over signs of progress in talks between the US and Iran.

After starting the week at their highest in almost three decades, yields on long-dated gilts are poised for their biggest drop in more than two years.

UK bonds edged higher on Monday, though yields remained near multi-year highs as investors weighed the fiscal implications of Manchester Mayor Andy Burnham potentially challenging for UK Prime Minister.

UK government bonds tumbled after Manchester Mayor Andy Burnham secured a pathway to potentially challenge Keir Starmer as prime minister, threatening political instability that investors fear could result in more expansive fiscal policy.

UK government bonds tumbled after Manchester Mayor Andy Burnham secured a pathway to potentially challenge Keir Starmer as prime minister, threatening political instability that investors fear could result in more expansive fiscal policy.

The UK bond market tumbled, driving long-term bond yields back to the highest in nearly three decades, as speculation over Keir Starmer’s future as prime minister renewed concern about the weakened state of Britain’s finances.

The UK bond market tumbled, driving long-term bond yields back to the highest in nearly three decades, as speculation over Keir Starmer’s future as prime minister renewed concern about the weakened state of Britain’s finances.

UK bonds were swept up in another selloff as investors grew increasingly anxious about Britain’s finances, given the risk of fresh challenges to Prime Minister Keir Starmer’s leadership.

UK bonds were swept up in another selloff as investors grew increasingly anxious about Britain’s finances, given the risk of fresh challenges to Prime Minister Keir Starmer’s leadership.

Global bonds rallied as the prospect of a peace deal between the US and Iran drove down energy prices, curbing bets on interest-rate hikes as inflation expectations eased.

UK long-term borrowing costs jumped to a 28-year high as worries intensified over local government elections and the impact of soaring energy prices on the economy.

The UK will begin selling 12-month Treasury bills at its weekly auctions, as part of the government’s efforts to tilt its borrowing toward shorter-maturity debt.

Treasuries rose as oil benchmarks retreated toward last week’s lows, lessening pressure on future inflation readings that have become the bond market’s main driver.

US Treasuries advanced after President Donald Trump said Iranian officials were seeking an agreement on terms to end the war, triggering a pullback in oil prices and a drop in the dollar.

German and UK bonds surged after energy prices sank following a ceasefire between the US and Iran, prompting traders to slash bets on rate hikes this year.

German bonds and their euro area peers surged after energy prices sank following a ceasefire between the US and Iran.

Short-dated gilts snapped their best streak in more than a month, swinging back to losses after US President Donald Trump’s pledge to extend attacks on Iran for weeks revived inflation fears.

The Iran war has clouded the outlook for inflation and economic growth across the globe and, in turn, where interest rates might be heading.

Bonds across Europe surged as oil prices and inflation expectations eased on hopes that the Iran war may end in the coming few weeks, potentially turning the page on a torrid period for global markets.