The dominant macro driver overnight was the convergence of elevated energy prices and multi-decade highs in US Treasury yields, with the 30-year hitting a 24-year high and the 10-year settling at 5.27% — a level that signals markets are pricing sustained Federal Reserve tightening well into the cycle, with FOMC minutes confirming divisions on the September hike rationale but consensus around one additional hike by year-end. Brent crude holding above $100/bbl at $101.05 on Middle East tensions including Houthi attacks on Saudi targets compounds the inflation signal, leaving central banks with limited room to pivot even as growth concerns mount. The combination of $100+ oil and 5.27% ten-year yields is a stagflationary cocktail that markets have not had to digest simultaneously in decades, and the VIX at 15.08 — while still relatively contained — is beginning to tick higher alongside widening European sovereign spreads.