Global Macro Weekly

The Reflationary Reset: War, Yields, and a Divided Fed

The Iran war turned into a synchronized global reflationary shock last week — April US CPI spiked to 3.8%, 10-year Treasury yields hit a one-year high, Moody's stripped the US of its last AAA rating, and the ECB is now expected to hike in June. We map how oil, bonds, central banks, and equities moved together from May 12–19.