Apollo chief economist Torsten Slok says the weakening link between oil prices and bond yields shows markets are focused on sticky core inflation rather than energy-driven headline inflation. The benchmark 10-year Treasury yield has held near 4.35% even as crude oil trades around $73.95 per barrel. Tariffs, a tight labor market, and resilient services inflation continue to support elevated core price pressures. Lower oil prices alone are unlikely to justify near-term Federal Reserve rate cuts, with the central bank expected to hold policy steady until core inflation eases sustainably.