Finance

The aggressive global bond market selloff paused late in the week as oil prices cooled down, offering relief to rattled investors. The 10-year Treasury yield slid back to 5.18% after briefly hitting a high of 5.22%, which remains near its highest closing level since 2007.

International and domestic crude futures fell significantly amid optimism surrounding diplomatic discussions between the United States and Iran in New York. Brent crude futures dropped back below the $99 per barrel mark, while West Texas Intermediate futures fell more than 2% to settle near $92.41 per barrel.

A recent survey from the University of Michigan revealed that consumer sentiment has fallen to a four-month low as Americans brace for heightened inflation over the next year. Consumers reported an expected inflation rate of 4.6% for the coming year, triggering brief volatility and pushing treasury yields higher early in Friday's session.