Good morning. As we approach the fourth week of the war in the Middle East, hopes for a short conflict are slipping away. Deeper worries about the supply of oil are raising fears of inflationary spillovers. Short-term rates have risen meaningfully in the US, sharply in Europe and frighteningly in the UK. This pattern in and of itself is not surprising, given the differing vulnerabilities of the three economies to supply shocks. More surprising, perhaps, are the moves at the long end of the rates curve. There has been a significant rise in 10-year break-even inflation since February 27 — as much as 0.44 per cent in the UK — indicating concerns about second-order effects from the oil crisis.
您已阅读42%（876字），剩余58%（1225字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。