Yields continued to move higher, with the 10-year U.S. Treasury yield reaching levels last seen in 2002, as the prolonged conflict in the Middle East kept oil prices and inflation concerns elevated. On the economic front, nonfarm payrolls came in well below an already elevated consensus estimate. The Fed’s preferred inflation gauge, headline PCE, held at 3.4% year over year in August, unchanged from July. However, a new methodology is estimated to have lowered the reading by 0.2 to 0.3 percentage points compared with the previous approach.