U.S. April inflation lands at 3.8% and May is forecast to top 4% - twice the Fed's target - as the Iran fuel shock continues to ripple through prices. Futures markets now put an 80% chance on the Fed raising rates within twelve months. Meanwhile, U.S. President Donald Trump heads to Beijing with a delegation of top CEOs for a summit with Chinese President Xi Jinping. Plus, UK Prime Minister Keir Starmer faces a rebellion inside his own Labour Party as thirty-year gilt yields hit their highest since the 1990s.

Today’s recommended read: G7 long bond stress intensifies, Mike Dolan

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