Markets are moving toward a new global financial crisis. These are the tripwires that would confirm it

A new global financial crisis is not confirmed, but the path toward one is now visible enough to map. The sequence starts with debt and oil before it reaches credit. Long-end sovereign yields and Brent crude are already close enough to stress levels to make the policy squeeze urgent. To close out the week, the US 30-year Treasury yield was near 5.109%, the UK 30-year gilt was near 5.857%, Brent was near $108.54, and …