Finance

Fixed-income yields continue to rise to cycle highs, reaching levels not seen since 2002. The relentless upward march in bond yields persisted even after recent domestic employment figures came in weaker than expected.

Crude oil futures experienced a downward shift following an agreement among global powers to coordinate the distribution of emergency fuel reserves. G7 nations authorized the release of roughly 100 million barrels of diesel and Middle Eastern crude, countering localized output concerns sparked by the ongoing conflict involving Iran.

Financial market participants significantly dialed back their expectations for an immediate interest rate hike this month. Following data indicating slower employment growth, the perceived probability of an October rate increase dropped substantially as policymakers adopt a more cautious stance.