The dollar hit a six-day high following the jump in Treasury yields, while inflation fears were bolstered as oil prices rose to their highest since 2014 on possible supply disruptions after attacks in the Gulf increased a tight supply outlook.
The two-, three- and five-year part of the yield curve will bear the brunt of expected Fed policy, said Tom di Galoma, a managing director at Seaport Global Holdings in Greenwich, Connecticut. Yields have jumped since minutes viewed as hawkish from the Fed’s December policy meeting showed it may raise rates sooner than expected and begin reducing its asset holdings to slow inflation and address a “very tight” labor market.
The pan-European STOXX 600 index fell as much as 1.44% before paring some losses to close down 0.97%. On Wall Street, the Dow Jones Industrial Average slid 1.08%, the S&P 500 fell 1.28% and the Nasdaq Composite slipped 1.76%.
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