The Digester

Global markets sold off and yields rose after fighting involving Iran pushed oil to $100, prompting traders and central banks to pull back on expectations of interest rate cuts.

Oil topped $100 a barrel as the US-Israel war with Iran entered its fourth week.
Traders now expect no Federal Reserve rate cuts this year after Chair Jerome Powell linked higher oil to monetary uncertainty.
The European Central Bank has returned to more hawkish wording that often precedes rate increases.
Bank of America and ING scaled back expectations for rate cuts in China and raised the chance of earlier hikes in South Korea.
Asian stocks fell, bond yields rose, and gold retreated as markets priced a higher interest rate environment.

Markets face rate hike risk as Iran conflict lifts oil above $100

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