Market Update: Fed Repricing Buys the Bounce. Yields, Oil, and $64 Billion of Selling Are Still the Overhang

A Saudi-led coalition opened its largest Yemen offensive in years after recent Houthi gains along the Red Sea coast and around Bab al-Mandeb. The coalition says about 100 jets are providing air cover and claims “air protection” of the strait, with government forces retaking positions in Dhubab. The Houthis deny those gains, have cut a…