Bonds & Stocks
A selloff in global bonds halted a rally in stocks, with concern intensifying that central banks will be forced to tighten policy to keep inflation in check amid persistently elevated oil prices. The S&P 500 fell 1%. The yield on 10-year Treasuries advanced eight basis points to 4.56%.
Economy
Investors shed government bonds around the world, propelling borrowing costs to multi-year highs from Japan to the US amid intensifying fears that war-driven inflation will force central banks to pursue higher interest rates.
World
The US and Iran appear to have put talks about Tehran’s stockpile of highly enriched uranium on the back-burner in an effort to end their war, with both sides suggesting it’s a subject for a later date.