Global central banks are striking a hawkish tone as persistent inflation fuels volatility across markets. Sam Vadas and Alex Coffey break down policy signals from the Fed, BOE, and ECB, rising bond yields, and how Middle East tensions are influencing rates. With the U.S. 10‑year yield at key levels, the team looks ahead to CERAWeek, consumer sentiment data, and Carnival (CCL) earnings as a read on discretionary spending.