The decline at this time in fairness markets got here because the 10-year Treasury yield surged one other 9 foundation factors to a contemporary 16-year excessive of 4.63%. Alongside the rise in rates of interest, the worth of oil was forward by greater than 3.5% to a brand new 2023 excessive of $93.53 per barrel. The time period “stagflation” – suggesting a mix of sluggish development and quick inflation within the financial system – hasn’t been seen so much for the reason that Nineteen Seventies, however shortly rising charges and oil costs are more likely to spark a rise in utilization.
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