Energy Markets
McGeever: Trump blinks at the bond market's teeth as it grows bigger and worse.
Donald Trump, the president of the United States, is learning - again - how powerful and unforgiving bond markets can be. The sovereign debt markets have been hit by a global selloff, with rising inflation driving yields on bonds of long duration to the highest level in decades. The yield on the 30-year U.S. Treasury hit 5.20% on Wednesday, its highest since 2007. BNP Paribas' analysts predict a "deanchored rise" to 5.50% or even higher. The Federal Reserve's response function has changed dramatically, and traders are now predicting a rate increase by December with a 80% probability. They were preparing...