A buoyant U.S. economy, hawkish Federal Reserve and dysfunctional Congress are sending Treasury bond yields soaring through 5% and beyond, hobbling a stock...
A buoyant U.S. economy, hawkish Federal Reserve and dysfunctional Congress are sending Treasury bond yields soaring through 5% and beyond, hobbling a stock market trying to parse a mixed earnings picture from Wall Street megacaps.
Despite decent demand at a typically awkward 20-year bond auction on Wednesday, yields continued to spiral higher overnight and ahead of Fed Chair Jerome Powell's key speech later on Thursday. Although ongoing official support for the weakening yuan may have been a factor, this sort of shift in the now $805 billion stash has long been a background fear in the Treasury market amid the increasingly tense geopolitical standoff between the world's two biggest economies.A similar concern smoulders about Japan's Treasury holdings as the yen weakens close to 150 per dollar and the prospect of Bank of Japan dollar selling intervention heightens.
The ructions in the bond market and incoming earnings saw Wall St indexes hit their lowest in 10 days on Wednesday and futures were in the red again ahead of the open today. * U.S. Oct Philadelphia Fed business survey, Sept existing home sales, weekly jobless claims* U.S.
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