Global Bonds Sell Off as Oil Above $107 Reignites Inflation Fear

📉 MARKETS — The bond market is pricing something equity traders aren't yet admitting. 📌 LOOK CLOSER: At $107 Brent, central banks face a war-driven supply shock they can't rate-hike away. Bond sell-offs signal inflation re-acceleration expectations — forcing yields higher and compressing equity valuations simultaneously. With Hormuz at seven transits and the E/W pipeline down, no supply relief is credible. The Fed's next move becomes Iran's leverage over Western monetary policy.