Bonds & Stocks
A surprisingly hot inflation report from before the war in Iran drove stocks and bonds lower, with an oil surge amid heavy attacks on Persian Gulf facilities adding to concerns about further energy disruptions that would fuel price pressures. The S&P 500 fell 0.4%. The yield on 10-year Treasuries advanced two basis points to 4.22%
Economy
U.S. producer prices rose 0.7% month-over-month in February, above 0.5% in January and much higher than forecasts of 0.3%. It is the biggest increase in producer prices in seven months, with goods prices soaring 1.1% the most since August 2023, led by a 48.9% jump in prices for fresh and dry vegetables.
World
Israel said it killed Iran’s security chief, Ali Larijani, in an overnight attack, intensifying a region-wide war that shows no sign of abating well into its third week.