Trump rejects Iran 7-day ceasefire; US yields hit multi-year highs as markets sell off

President Trump rejected Tehran's 7-day ceasefire proposal to resume Strait of Hormuz traffic, escalating US-Iran tensions. Concurrently, US 10- and 30-year Treasury yields hit multi-year highs, and global markets came under selling pressure. The rejection removes a near-term de-escalation path, compounding risk-off sentiment already driven by rising long-end yields.