Bonds & Stocks
A pullback in oil prices brought some relief to Wall Street traders worried about inflation, with stocks and bonds stabilizing after recent losses. The S&P 500 was little changed. The yield on 10-year Treasuries was little changed at 4.79%.
Economy
The selloff sweeping global bond markets looks painful, but it’s nothing compared with the rout four years ago, when soaring inflation forced central banks into a series of rapid-fire interest-rate hikes.
World
Fighting between the US and Iran over control of the Strait of Hormuz intensified after a period of relative calm, triggering a fresh jump in oil prices as fears grow that the war may drag on indefinitely.