Bitcoin's latest fear unlocked as rate hikes bets rise and bond markets crumble

For now, surging oil prices and persistent geopolitical tensions are driving inflation fears and weakening traditional safe-haven assets. What to know : Markets are now seriously pricing in the odds of an imminent U.S. rate hike, a far cry from weeks ago, when the debate was about how many Fed rate cuts there would be in 2026. Oil is up 50% since the Iran conflict began, pressuring inflation and growth. The U.K.'s 10-year gilt yield topped 5% for the first time since 2008 as higher-than-expected borrowing added to the oil price pressure.