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Geopolitics initially took center stage this week, as the United Nations General Assembly kicked off and Chinese President Xi Jinping headed to Washington, but these meetings have ended up offering little more than talk. It was in the bond market where we really saw some action.

Hopes for a deal to reopen Hormuz drive Brent crude futures down

The Nasdaq Composite fell 0.8%, the Dow 0.6%, and the S&P 500 0.5% by late Thursday morning. The U.S. and China extended their trade truce by only two months past its Nov. 10 expiration.

The Fed raised rates and TBT barely flinched, which raises an uncomfortable question for anyone betting on more hikes: being right about the direction still might not make you money.

On Tuesday, the 10-year treasury rate yield reached a 19-year high at 5.041%, even as investors wary Iran war fallout