Financial Fallout of Surprise Oil Output Cuts

If OPEC+ production cuts lead to continued rise in oil prices, it will obviously pose a new challenge to the Fed's efforts to fight inflation.

Rising oil prices could spur still-high inflation, complicating the task of central banks, including the Federal Reserve, to contain price pressures.  
Affected by expectations that rising oil prices may make it difficult for inflation to cool down quickly, US bond yields of various maturities also generally rose rapidly after opening on Monday.

The 10-year US bond yield, which is the "anchor of global asset pricing," rose nearly 5 basis points to return above the 3.50% mark.