Markets Fear Energy Shock Morphing Into Fiscal Shock -- Market Talk

Dow Jones03-23

1949 GMT - A key risk facing financial markets is that the energy shock stemming from the conflict in Iran morphs into a fiscal shock as higher borrowing costs collide with already stretched public finances, says BBH in a note to clients. Longer term sovereign bond yields have pushed higher since the start of the Iran conflict driven by a toxic mix of rising inflation expectations, an upward repricing in central bank rate path, and growing fiscal concerns, it says. Upward pressure on government bond yields will add to existing fiscal strains as rising debt is compounded by higher interest expense, it adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)

(END) Dow Jones Newswires

March 22, 2026 15:49 ET (19:49 GMT)

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