The 10-year Treasury yield rose for a second consecutive week and settled at 4.321% on Friday, around its highest levels of the year.

Oil prices rose this past week, with Brent crude prices settling at their highest levels since November 2022. Over the past three weeks, Brent has rallied almost 12%, its largest such gain since April.

Higher gas prices have been vexing some investors’ forecasts that inflation would continue easing. Earlier in the week, new data showed that consumer prices in August rose at their fastest pace in more than a year, fueled by a jump in energy costs.

The European Central Bank hiked rates by 25bps, taking the cumulative total tightening to 450bps and the deposit rate to a record high. The message from the ECB was clear – it believes it has done enough and the hiking cycle is over. In its statement the ECB said: “Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.”

Upward trendline support contains dips in major US indices.