The yield on the US 10-year Treasury note rose for a fourth consecutive session to 4.14% on Thursday, the highest level in about a month, as inflation concerns intensified amid the escalating conflict with Iran, with both Tehran and Washington vowing to step up attacks. The global bond selloff continued as energy prices resumed their climb after a brief reprieve the previous day, with traders worried that prolonged disruptions to oil and natural gas supplies could fuel an inflationary spiral. Meanwhile, recent economic data reinforced the strength of the US economy. Initial jobless claims came in below forecasts, productivity rose more than expected last quarter, job cuts declined sharply, and the ISM Services PMI showed the sector unexpectedly expanding at the fastest pace since mid-2022. As a result, traders have scaled back expectations for Federal Reserve rate cuts this year, with markets now pricing in just one 25bps cut, down from two earlier in the week.