Most major assets tracked here turned positive Tuesday afternoon, a broad reversal from Monday's Hormuz-driven selloff, after Washington withdrew its proposed toll on Gulf shipping and replaced it with trade commitments from Gulf states. The rebound is not uniform, though, since the underlying naval blockade of Iranian ports still took effect as scheduled, and Fed Chair Kevin Warsh's refusal to call June's inflation improvement resolved kept a note of caution in bond and rate-sensitive markets.
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