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For the first time ever, 10-year bond yields track diesel prices more closely than crude, and Trump’s fuel deal with Putin may be too little too late

“Ultimately, diesel and gasoline drive inflation, not crude oil.”
Diesel prices have come off their all-time highs in recent weeks, but the key industrial fuel has already moved the needle across the economy and financial markets, making affordability a more potent issue in the midterm elections. The national average for diesel is about $6.277 per gallon, according to AAA, down from its $6.528 high but still 71% above year-ago levels. By contrast, U.S. crude oil is up 56% from a year…
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