The Iran war has baked in stagflation and starvation through big reductions in the supply of oil and fertilisers. This inflationary pressure will only increase. As inflation sucks liquidity out of financial markets and into the real economy, bond yields are being pushed up across the world. If bond yields rise by more than a percentage point, a likely scenario before the year’s end, the liquidity
Geopolitics SCMP May 21, 2026