Good morning from the Financial Times. Today is Friday, February 26th.

And this is your FT News Briefing.

U.S. equities went down again on Thursday and bond yields rose.

Spheres over inflation continue to hit investors.

And the former head of Petrobras fires back at Brazil's President

after being ousted as CEO of the country's state-controlled oil company.

Plus, getting vaccines to African countries has been a slow-moving process.

We'll take a look at how COVAX is trying to pick up the pace.

I'm Mark Filipino and here's the news you need to start your day.

U.S. bonds had quite a sell-off yesterday.

Seems Federal Reserve chaired J. Powell's efforts to soothe inflation jitters earlier in the week

did not last. Investors fear that prices will pick up as economies recover from the pandemic.

Bond prices tumble on Thursday and yields on the 10-year treasury climbed above one and a half

percent for the first time in over a year. Stocks also fell, the S&P 500 ended Thursday

two and a half percent lower, the Nasdaq closed down more than three and a half percent.

I'm joined by the FT's market's editor, Kay Martin, to make sense of all this activity.

Kay, can you remind us why inflation makes investors sell bonds?

So inflation is kryptonite to the bond market because if you own bonds you get paid a fixed

rate of return every year or whatever the schedule is and if inflation rises then that eats into

the real returns that you get out of these investments and the reason this reverberates around

markets more generally is that one of the main reasons why stocks have been flying high ever

since the coronavirus crash last year is precisely because yields are so low.

...