# Market Comment | Bond yields decline after the Fed dovish stance | BBVA Research

> On June 20, 2019, bond yields fell across the board and the U.S. dollar depreciated after the FOMC left rates unchanged but opened the door to pre-emptive easing. Equities rose in response. Geopolitical concerns also rose after Iran said it shot down a U.S. military spy drone.

- Date: 2019-06-20 · published 2019-06-20T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/7439-market-comment-bond-yields-decline-after-the-fed-dovish-stance-bbva-research
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower U.S. yields and a weaker dollar support commodity prices and ease financing costs for feed buyers. The Iran drone incident adds some risk premium to energy, which can feed through to feed transport and processing costs.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DXY | 2019-06-20 | 1 | -0.9% | -4.3 | Falling bond yields after the FOMC opened the door to easing reduced dollar yield support on June 20. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-09-16 | [Rand gets a further boost on Fed's dovish stance \| News24](https://feedsoft.ai/events/51398-rand-gets-a-further-boost-on-fed-s-dovish-stance-news24.md) | +0.8% | +0.1% |
| DXY | 2023-11-29 | [South African rand gains after dovish Fed talk, central bank data in sight - Markets - Business Recorder](https://feedsoft.ai/events/33450-south-african-rand-gains-after-dovish-fed-talk-central-bank-data-in-sight.md) | +1.0% | -0.9% |
| DXY | 2022-07-28 | [Gold gains after slightly dovish undertone in US Fed statement - Commodity News](https://feedsoft.ai/events/40400-gold-gains-after-slightly-dovish-undertone-in-us-fed-statement-commodity-news.md) | -0.3% | +0.2% |
| DXY | 2023-11-03 | [Stocks jump, dollar and yields drop after US jobs market softens](https://feedsoft.ai/events/11458-stocks-jump-dollar-and-yields-drop-after-us-jobs-market-softens.md) | -0.6% | -2.0% |
| DXY | 2023-08-30 | [Rupee set to rise as US dollar, yields retreat after weak job openings - Market News \| The Financial Express](https://feedsoft.ai/events/34865-rupee-set-to-rise-as-us-dollar-yields-retreat-after-weak-job-openings-market.md) | +1.3% | +2.3% |
| WTI | 2021-02-25 | [Canadian dollar retreats from three-year high as U.S. bond yields soar - The Globe and Mail](https://feedsoft.ai/events/48889-canadian-dollar-retreats-from-three-year-high-as-u-s-bond-yields-soar-the-globe.md) | -3.0% | -3.3% |
| WTI | 2019-06-20 | [The Commodities Feed: Dovish Fed sees commodities rally \| snaps \| ING THINK](https://feedsoft.ai/events/58509-the-commodities-feed-dovish-fed-sees-commodities-rally-snaps-ing-think.md) | +10.2% | +2.6% |
| WTI | 2026-02-19 | [Dollar advances after data implies stable labor market \| Reuters](https://feedsoft.ai/events/20506-dollar-advances-after-data-implies-stable-labor-market-reuters.md) | +0.1% | +47.3% |

## Sources

- bbvaresearch.com: https://www.bbvaresearch.com/en/publicaciones/market-comment-bond-yields-decline-after-the-fed-dovish-stance/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.