As oil prices flirt with post-pandemic lows, we're exploring the relationship between crude (and other commodities) and the business cycle. Oil prices have a habit of cascading through global supply chains; to show how this is the case, we've charted the relationship between Brent crude and producer inflation (PPI) across major economies over the past two decades.

US 10-year Treasury yields have been testing their 2025 highs, reaching 4.5% again. This is largely linked to the uncertain inflation outlook stemming from Donald Trump's tariffs and a relatively hawkish stance by the Federal Reserve.