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Brent crude's advance toward $100 a barrel is driving a global bond sell-off, with the move threatening a prolonged return of inflation and forcing a reset in interest rate expectations.
The next test is whether crude can hold this level and whether central banks signal they are taking the risk seriously.
Oil at this price changes the calculus for rate setters that had begun to relax their vigilance on price pressures.
The rate reset A Brent crude price approaching $100 puts upward pressure on headline inflation across major economies.
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