Central banks stood still, but bond markets did not

Brent oil price passed $100/barrel last Thursday, pushing global government yields to year-to-date highs

Rising energy prices amid renewed tensions in the Middle East, and fiscal policy fears in the UK keep long-term rates under pressure

Renewed geopolitical tensions around the strait of Hormuz bring back interest rate volatility

A volatile first half of the year ends with rates rising across the board last week

Oil prices down to their pre-conflict levels drive rates and expectations for central banks lower, credit markets digest record issuance in June

Warsh’s focus on inflation fuels rate hike expectations and drives real rates higher

Prospects of the end of the US-Iran war and the Strait of Hormuz reopening support bond markets

Rising rates weight again on bonds’ performance while Corporate and EM spreads remain tight

Yields drop on lower oil prices