Speaker explicitly stated, "I think there is still value there in the bond market." The ceasefire lowers oil prices, reducing inflation risks and allowing central banks (ECB, BoE) to pause or scale back rate hikes, which supports bond prices. LONG because bonds are undervalued given reduced expectations for aggressive central bank tightening. Ceasefire collapses, oil prices surge again, forcing central banks to prioritize inflation control and hike rates.