Global bond yields slide as Axios flags possible US-Iran peace memo

On May 6, 2026, global bond markets rallied after an Axios report said the United States and Iran were close to a one-page memorandum to end their two-month war. UK 30-year gilt yields, which had hit 5.78% on May 5, retreated, while the US 10-year yield fell up to 9 basis points to 4.33% and Germany's 10-year Bund yield dropped about 10 basis points. The move was amplified by sharply lower oil prices and softer US labour data, prompting traders to scale back rate-hike expectations into end-2026.