TIP

The Fed Has Cut 0.75 Points Since Last Summer.

The Two-Year Treasury Has Risen 0.48.

Brent crude settled at 100.69 dollars on Thursday, up about 7 percent, after Houthi forces attacked two Saudi oil tankers in the Red Sea. US stocks fell hard. The Nasdaq Composite lost 2.15 percent and the S&P 500 lost 1.21 percent, while interest rate markets moved further toward pricing something they have not priced in this cycle: a Federal Reserve rate increase. The reading that followed almost everywhere was straightforward. Oil shock, therefore inflation, therefore a Fed that has to tighten.