Bond prices and yields move in opposite directions, so a rising yield means bond prices are falling. When geopolitical risk threatens to push up oil and inflation, traders typically demand a higher yield to hold longer-dated bonds (because future fixed coupons buy less if inflation rises). Longer-maturity bonds have higher 'duration', meaning their prices fall more for a given yield rise — that's why the 10Y and 30Y move more than the 2Y.

The 'yield curve' just plots yields across maturities. A steeper, upward slope (long yields above short yields) often reflects expectations of steady growth/inflation or heavy government bond supply. Because the front-end (2Y) tracks expected Fed policy closely, it moves less on oil headlines; the long-end (30Y) carries more duration and inflation risk, so it typically rises further when inflation fears build.

A credit spread is the extra yield a company pays over a same-maturity Treasury to compensate you for default risk. Tight (low) spreads mean investors are relaxed about defaults and willing to lend cheaply; spreads typically widen (rise) when fear rises, which pushes corporate bond prices down. Holding near 79bp tells a beginner that, so far, the stress is in rates and oil — not in corporate creditworthiness.

Big borrowers often price debt as a spread over a benchmark rate — here SOFR, the US overnight funding rate. A margin of 110bp over SOFR means the bank pays that reference rate plus 1.10%. When many borrowers rush for dollars at once, it can nudge funding spreads wider; for a beginner, this shows how global credit is priced off US rates, so a higher Fed/SOFR level raises borrowing costs worldwide.

The BoJ owns a massive share of JGBs, so its buying keeps yields lower than they would otherwise be; any hint of it stepping back typically lets yields rise (and JGB prices fall). Producer prices are an early inflation signal — hotter readings raise the odds of tighter BoJ policy, which can lift JGB yields and, via the 'carry trade', matter globally: investors who borrow cheap yen to buy higher-yielding foreign bonds may unwind those trades when Japanese yields climb.

Gilts are UK government bonds and they tend to move with US Treasuries and Bunds, so when global yields rise, gilt yields usually rise too and gilt prices fall (the price/yield inverse). Higher oil prices raise inflation worries, and since inflation erodes a bond's fixed coupons, traders typically demand higher yields — hitting longer-duration gilts hardest. For a beginner: watch oil and US Treasuries as leading signals for where gilt yields head next.