Bond yields and oil prices are still in the spotlight on Wall Street.

Treasury yields retreated early this morning, but started climbing again after a Fed official suggested that a rate hike at the central bank's meeting later this month isn't a sure thing. Renewed hostilities between the U.S. and Iran are nudging oil prices higher, adding to inflation fears. Those concerns about rising prices have contributed to a global bond-market rout in recent days.

Overnight, the 10-year yield hit its highest level since November 2023.

Soaring bond yields threaten to raise financing costs for governments, consumers and businesses--and not just in the U.S. In developed nations that don't enjoy the AI-fueled growth powering the American economy, worries about hot inflation and heavy fiscal loads are hitting even harder.

--Japanese 10-year bond yields hit their highest level in 30 years.

--In Germany, the 10-year yield is on pace for its highest settle in 15 years. French borrowing costs are also climbing.

The recent surge in oil prices isn't helping: With the U.S. and Iran back to trading strikes, Brent crude futures are now trading some $20 a barrel above their prewar price.