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Treasury note yield was broadly flat at 4.594%, the benchmark for U.S. government borrowing holding steady even as investors worked to map a field of geopolitical risks. That pairing carries a tension.
Flat yields can mean the market has priced the risk, or they can mean the market has not yet decided how to price it.
The case for calm A yield that holds its level while geopolitical uncertainty circulates can be a signal of genuine conviction.
Investors who have run the scenarios and found them manageable tend to park money in Treasuries without demanding more return for the risk of holding them. At 4.594%, the 10-year is not signaling alarm.
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