Bond-market turmoil and war are top of mind for investors Wednesday.

Treasury yields inched lower, reversing earlier gains as a Fed official suggested that a rate increase isn't certain this month. 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 also are climbing.

A 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, threatening to stoke inflation and force central banks to lift interest rates.

The Dow has opened modestly higher, while overseas markets are having a down day.