Good morning.

Key developments attracting attention this early NY morning include: Oil prices down another 3%, easing upward pressure on global government bond yields, including a 3 bps decline in the US 10-year (CNBC charts below); Stan Druckenmiller’s critical WSJ op-ed on US Treasury intervention in the bond market (excerpts below of the most quoted paragraphs); and China’s counter-threat following yesterday’s US warning of secondary sanctions on those facilitating Iranian trade and financial — via @elerianm

Oil down 3% and 10-year yield -3bps ease bond pressure; Druckenmiller op-ed adds Treasury intervention focus.