U.S. political strategist James Carville famously said he would like to be reincarnated as the bond market because "you can intimidate everyone." So when bond yields start signaling a problem, the whole market listens. The escalatory rhetoric around the war in the Middle East has led to what Deutsche Bank is calling "the most hawkish central bank pricing of the year so far for both the [European Central Bank] and the Fed." Last week, sovereign bonds sold off across the board, with Europe as the