Oil prices aren't everything when it comes to the bond market, but they've been an important domino a few places farther up the chain due to their impact on inflation implications.  This was starkly evident yesterday as de-escalation hopes caused oil to plunge.  Inflation expectations and bond yields followed.  Now today, oil prices have fully recovered, but inflation expectations--while higher--are less than halfway back to yesterday's highs.  This is helping bonds hold their ground better than they otherwise might.

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