Framing Analysis
Bond markets sold off globally on Tuesday, pushing the 10-year U.S. Treasury yield to 4.77 percent while oil prices climbed amid renewed Middle East fighting that includes U.S. strikes on Iranian targets. Equity indexes fell modestly, with the S&P 500 down 0.4 percent, the Dow Jones Industrial Average down 190 points, and the Nasdaq composite down 0.5 percent. Traders priced in expectations of further interest rate increases that affect borrowing costs for mortgages, auto loans, and student debt.