GBP

Good morning, and happy Federal Reserve Day to all who observe. The dollar is holding firm, with investors and economists overwhelmingly convinced the Fed will raise rates for the first time in more than three years, amid a surge in global energy prices and a jump in long-term yields. Oil remains above $100 a barrel after Saudi Arabia, after coming under sustained attack from Iran and its allies, suspended loading at its Yanbu port and cancelled some shipments to Europe. Ten-year Treasury yields are holding just below 5%, and equity futures are edging higher ahead of the North American open....

Happy Monday. Long-term bond yields are climbing and the dollar is advancing as a rebound in global energy prices raises the stakes ahead of central bank decisions later this week. Brent crude is trading for nearly $108 a barrel after Houthi militants seized a Red Sea port, threatening oil shipments through the Bab el-Mandeb strait, and drones struck at least two pumping stations on Saudi Arabia’s East-West pipeline, forcing a system-wide shutdown. Equity futures are pointing to losses at the open after US artificial intelligence companies led by OpenAI argued that development should be slowed to allow a better understanding...