U.S. Treasury securities erased their earlier declines, while losses in German and U.K. government bonds also narrowed. Market optimism is growing that the United States can reach an agreement with Iran before the deadline set by Tehran, under the Trump administration, to reopen the Strait of Hormuz. The yield on the 10-year U.S. Treasury note held steady at 4.33%. Meanwhile, the yield on German government bonds rose by 1 basis point to 3.0%, and the yield on U.K. gilts increased by 1 basis point to 4.84%.