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Watch onEscalating tensions in the Middle East and angst over elevated bond yields have thrown the markets deep into risk-aversion mode, while investors are deciphering Federal Reserve messaging around rates perhaps staying higher for longer.
The sell-off in the bond market continued into Asian hours, with the benchmark 10-year Treasury yield at 4.949%, its highest since mid-2007. Meanwhile, oil prices eased on Thursday after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel, and the Biden administration broadly eased sanctions on Venezuela to allow more oil to flow globally. Oil prices had climbed 2% in the previous session.
Against this backdrop, Fed Chair Jerome Powell will take the spotlight later in the day , with markets nervous that he may strike a hawkish tone after a series of U.S. data pointed to strength in the economy.
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