Hello, this is Leonie Kidd coming to you from London. Welcome to another edition of CNBC's Daily Open.
Investors find themselves trapped between two major market forces. A bond market that refuses to be tamed by intervention, and a resurgent crude price that has broken back into triple digits across both benchmarks.
The common denominator: inflation. And on Friday, that gets more interesting with key inflation data due to be released stateside.
The 10-year U.S. Treasury yield is a breath away from 5%. It currently sits at its highest level since November 2023, despite the Treasury Department's intervention to buy back $6 billion of long-term debt.
But Treasury Secretary Scott Bessent is defiant, telling Steve Bannon's podcast that any accusations that the operation hasn't worked are "nonsense."