Oil prices are on the move again, with the Brent forward contract making steady new highs to $92/bl. That’s inflationary and should cause yields to climb further, but for now at least this “rate scare” is starting to get offset by a “growth scare” in the form of a quick unraveling in the more speculative parts of the AI buildout. Perhaps the move lower in bond yields last week was just a temporary risk-off trade, but maybe the market has concluded that the AI boom (and possible bust) could have systemic consequences for the broader economy.