Fixed Income & Commodities

30-year Treasury yields surged to 5.11%, reaching multi-year highs as Iran War oil inflation pressures the Fed. Governor Waller stated he can no longer rule out rate hikes if inflation fails to abate. The FOMC split 8-4 on holding rates at 3.50%-3.75%, signaling a fractured committee facing a potential policy reversal.

UK gilt yields climbed following the Spring Statement 2026 as investors weigh fiscal constraints and rising energy costs from Iran conflict. Jerome Powell's Fed chair term expires in May 2026, raising questions about central bank independence as markets monitor leadership transition risks. Oil and gas price pressures threaten to reignite inflation across both economies.