Overview
- U.S. Treasury yields jumped Friday, with the 10-year near 4.57% and the 30-year around 5.12%, marking roughly one-year highs after a week of hot inflation data.
- Brent crude climbed to about $108–$109 a barrel and WTI topped $104 after President Trump’s Beijing summit with Xi produced no concrete steps to reopen the Strait of Hormuz.
- Traders now assign roughly a 40%–50% chance that the Federal Reserve will end the year with rates higher than today, up from about 14% last week, according to CME FedWatch.
- U.S. stocks fell more than 1% in early trading, with the S&P 500 and Nasdaq retreating from records as rising yields undercut the recent tech-led rally.
- The sell-off in bonds spread worldwide, lifting benchmark yields in the U.K., eurozone, and Japan, which tightens borrowing costs for governments and households and risks higher prices at the gas pump.