Overview
- Brent crude posted its sharpest weekly gain since early 2022, with futures up about 17%, reigniting inflation concerns across markets.
- UK gilts led the selloff, with two-year yields up nearly 40 basis points and the 10-year touching 4.62%, leaving gilts on track for their worst week since the 2022 mini‑Budget.
- U.S. Treasuries headed for their biggest weekly loss since April 2025 as oil’s jump outweighed a weak jobs report, with short-dated yields still higher on the week after a late dip.
- Traders increased wagers that the European Central Bank could raise rates as soon as May, while Germany’s two-year yield reached its highest level in a year.
- Fed officials offered mixed signals, with Christopher Waller saying he does not expect a sustained inflation impact from the conflict and Mary Daly highlighting fresh labor-market weakness.