Rising oil prices and hawkish rate-hike bets have driven 30-year Treasury yields to 2002 highs, leaving investors cautious ahead of critical inflation data and upcoming earnings from Micron Technology.
Micron is set to report earnings, which could significantly impact semiconductor stocks.
Bitcoin is trading below $84,000, indicating bearish momentum ahead of inflation data.
Oil prices are driving rate-hike bets, suggesting elevated crude oil levels.
Investors are bracing for the Federal Reserve's preferred inflation gauge following a surge in crude oil prices that fueled aggressive rate-hike expectations. The resulting market volatility pushed 30-year Treasury yields to their highest levels since 2002, pressuring risk assets like Bitcoin.
Yields are climbing as traders price in more aggressive interest rate hikes, largely driven by the inflationary impact of rising crude oil prices.
Market participants are primarily focused on the Federal Reserve's favored inflation gauge and the upcoming earnings report from Micron Technology.