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After Iran announced that the Strait of Hormuz would be open for commercial shipping, the mortgage-backed securities basis widened in sync with a sharp drop in oil prices and a steep decline in government bond yields. The 10-year Treasury yield dropped from the upper end of the overnight 4.32%–4.295% range all the way down to 4.230%, approaching the lower Bollinger Band and the 200-day moving average at 4.191%.US stock index futures rose by 0.7% to 1.1%, the VIX index fell 0.5 points to 17.44, and the investment-grade credit default swap index narrowed by 1.4 basis points to 53.2 basis points. West Texas Intermediate crude and Brent crude fell by 10% and 9.4% to $85.16 and $90.02 per barrel, respectively. German and UK government bond futures rose by 65 and 80 ticks, respectively, while the US Dollar Index dropped 0.5% to 97.73.Government bond yields fell by 6.3 to 8.1 basis points across the curve, with 10-year Treasury futures rising 20 ticks to 99-05, corresponding to a yield of 4.230%, and 5-year Treasury futures rising 11.75 ticks to 100-06, yielding 3.833%. The 2-year and 10-year yield spread narrowed slightly by 0.5 basis points to 52.4 basis points, while the 10-year and 30-year yield spread widened by 1 basis point to 63.0 basis points.Mortgage-backed securities prices generally rose, with 4.5%–6% coupon 30-year uniform mortgage-backed securities rising by between 2 and 16-plus ticks, and their basis over Treasuries similarly widened. The current change in basis mainly reflects dynamic adjustment in convexity hedging demand for mortgage-backed securities under heightened interest rate volatility, rather than deterioration of credit fundamentals. If the downward trend in yields continues, there is still a risk that the basis may widen further.

Monitoring shows that Maji Laoge’s BTC, ETH, and HYPE long positions, with a total value of 58.8 million US dollars, are all in unrealized profit. Among them, the ETH long position alone has an unrealized profit of 1.95 million US dollars. He has set partial take-profit points for the positions as follows: BTC: 77,000 US dollars; ETH: 2,420-2,450 US dollars; HYPE: 44.888-45.5 US dollars. (Ai Yi)

Earlier this week, U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. announced that the Food and Drug Administration (FDA) plans to convene a Drug Compounding Advisory Committee meeting to review whether peptides can be included in the "503A Bulk List". This designation allows drugs to be compounded based on individual prescriptions, rather than mass production.For Hims, the more meaningful story is that as the company guides members towards using branded medications rather than the more profitable compounded GLP-1 drugs, expanding compounding of peptides could open new revenue streams. This telemedicine company has been preparing for the peptide business for years.The FDA's review process has just begun, and the Drug Compounding Advisory Committee meeting is scheduled for July 2026.