Global markets fell sharply on Friday as investors confronted the possibility that the Middle East conflict is not a short-term oil shock but a lasting inflationary event with real consequences for interest rates. The S&P 500 dropped 1% and the Nasdaq fell 1.4%. More significantly, the 10-year US Treasury yield jumped 0.1 percentage points to 4.56% — its highest level in almost a year — while the 30-year yield rose to 5.1%. The US government sold 30-year debt at a 5% yield this week for the first time since 2007.
