Rising U.S. Treasury yields are emerging as the most consequential signal in markets, potentially exerting more pressure on Washington’s geopolitical decision-making than battlefield headlines. As scrutiny has fixated on missiles, the Strait of Hormuz, and retaliation risks, the deeper stress point has been flashing elsewhere: the U.S. bond market—where the benchmark 10-year yield is again climbing, threatening to reprice global assets in unison.
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