With America’s debt mounting and oil prices on the rise again, the bond market has been gripped by a sell-off this week.
Market jitters were first triggered last week, following Scott Bessent’s plan to have the Treasury as much as double its long-dated bond purchases. The move briefly quelled yields, but they rose again as investors feared the government wasn’t tackling the big fiscal issues that have been driving yields higher all year.
In the days that followed, a flare-up of US-Iran tension has driven oil back within striking distance of $100 per barrel, throwing fuel on inflation fears and recalibrating rate outlooks.
The 10-year Treasury…
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