US Treasury yields surged in one of the largest four-session rises in front-end yields in decades, after sticky inflation and hawkish Fed commentary. The dollar reached its strongest level since April 2025, pushing gold and EUR/USD to fresh 2026 lows.
Key upcoming catalysts were New York Fed President John Williams' remarks and US producer price data due Friday.
A sharp rise in US yields and a stronger dollar tighten global financial conditions and weigh on dollar-denominated commodity prices. A stronger dollar also reduces import costs in dollar-priced markets, which can soften demand for US feed exports.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.