Trump Rejects Iran Proposal; Oil Rises, Global Bond Selloff Returns

The synchronized move in two-year yields across the US, Germany, the UK, Japan and Australia is the tell: this is a global repricing of the front end, not a Treasury-specific story. The trigger is a geopolitical one, which matters because energy-driven inflation is harder for central banks to look through than demand-driven price pressure, especially with US business activity already running hot. The open question is whether the oil move holds long enough to feed into near-term inflation expectations, or fades as a headline shock.