Hormuz Inflation Risk Drives Long-End Rates to 19-Year High

Escalating tensions in the Iran war and the Strait of Hormuz are driving oil prices over $110/barrel and pushing global bond yields to multi-year highs. Markets are now focused on Nvidia earnings and FOMC minutes for further direction.

Key Takeaways

• 1.The ongoing Iran war and deadlock in the Strait of Hormuz have kept oil prices above $110/barrel, raising severe stagflation risks.
• 2.Global bond markets are in a major selloff, with US 30-year yields reaching their highest levels since 2007.
• 3.The US Dollar is strengthening while the Japanese Yen approaches the critical intervention level of 160.

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