>The fixed-income market is dealing a heavy hand to equity valuations this morning. The U.S. 10-year Treasury yield surged to 4.784%, its highest level since January 2025, while the 30-year note climbed to 5.271%. The global government bond sell-off is being triggered by the expanding conflict in the Middle East. Following U.S. forces launching fresh strikes against Iranian targets and an oil tanker getting struck off the coast of Oman in the Strait of Hormuz, international Brent crude advanced to $91.71 a barrel. This rapid oil spike is bringing back severe inflation anxieties just as investors prepare for the conclusion of the G20 finance ministers' meeting in Asheville. From an equity perspective, a risk-free rate flirting with 5% completely shifts the equity risk premium math. Are you actively de-risking your portfolio into short-term T-bills, rotating into defensive energy equities, or looking to buy the dip on tech if it bleeds out?
Source: [cnbc.com](https://www.cnbc.com/2026/09/01/bonds-treasury-yields-middle-east-tensions.html)
