There Are Four Forces Pressuring Bonds: War Is No. 1

Worries about runaway government spending.
Thehuge surge in bond issuanceto fund the artificial-intelligence build-out.
There are many forces pushing Treasury yields higher.
But the main driver of the recent run-up: inflation.
While a confluence of factors has powered the global bond slide that carried yields to multiyear highs around the world, a look inside market shifts suggests the key factor in this country remains the sharp climb in energy prices driven by the war in Iran.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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