Finance

Yields on long-term government bonds continued their aggressive ascent on Tuesday, with the 30-year Treasury yield hitting 5.62%, a peak not seen in over two decades. Meanwhile, the benchmark 10-year note topped 5.29% before easing slightly, driven by persistent inflation concerns and a strong domestic economy.

Global energy markets experienced sharp volatility as Brent crude futures dropped over 2% to settle near $102.59 a barrel following reports that oil exports out of the Persian Gulf are rebounding. The price relief comes amid a continued diplomatic stalemate, as the U.S. administration reportedly rejected recent ceasefire proposals from Iran regarding maritime traffic through the Strait of Hormuz.

According to the latest survey from the Conference Board, U.S. consumer confidence tumbled to a nearly 12-and-a-half-year low in September. Domestic households have grown increasingly pessimistic about the macroeconomic outlook due to the widening financial strain of higher utility and gasoline bills.