Commerzbank Says Treasuries Are Supported as Oil Prices Drop After Trump Rules Out Iran Attacks Before Midterms

MT newswire2026/10/09 10:23

06:23 AM EDT, 10/09/2026 (MT Newswires) -- Treasuries maintained support during Asian trading on Friday as oil pulled back after President Donald Trump posted that the US wouldn't strike Iran before the midterm elections, according to Commerzbank Research in a note. President Trump said the US would not strike Iran before the midterm elections in November, wrote Commerzbank. However, the Pentagon is developing a new strike plan, while three aircraft carriers expected to arrive in the Middle East soon, the New York Times reported. St. Louis Fed President Alberto Musalem sees interest rates rising over the next six to nine months, saying higher real yields largely reflect expectations for the policy rate, added the bank. The US federal budget deficit totalled $2 trillion in the fiscal year through September, said Commerzbank. Congressional Budget Office Director Phillip Swagel said economic growth alone was unlikely to put the US fiscal outlook on a sustainable path. The euro strengthened, added the bank. Christine Lagarde told eurozone finance ministers that the European Central Bank is closely monitoring markets and stands ready to counter unwarranted and disorderly moves. Lagarde sees no signs of broader price pressures, Bloomberg reported, citing sources. European Economic Commissioner Valdis Dombrovskis stressed the need for fiscal discipline, pushing back against calls for more budget flexibility, added Commerzbank. Kyriakos Pierrakakis, president of the Eurogroup and Greek finance minister, set Oct. 28 as the deadline for nominations to succeed ECB Executive Board member Isabel Schnabel, hoping a decision could be reached at the Nov. 9 meeting.

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