US and Australian bond yields soared to a decade high on growing concerns about the Israel-Hamas war spreading, taking the $A close to a one-year low.
The global bond sell-off deepened and shares plunged on expectations that interest rates will need to stay high for longer, as the Israel-Hamas conflict saps expectations for global growth.
The bond sell-off was equally fuelled by growing concerns about the US government’s rapid debt issuance, and evidence the world’s largest economy is withstanding the toll of 5 percentage points of monetary tightening since last year.US Brent crude fell 0.5 per cent to $US91.02 a barrel and West Texas Intermediate eased 0.4 per cent to $US88 a barrel. Oil prices retraced Wednesday’s gains after OPEC showed no signs of supporting Iran’s call for an oil embargo on Israel.
Fed funds futures imply a 41 per cent chance of an increase this year, from 32 per cent last week, and pushed back the timing of the first easing to September 2024, from July.
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