Symbolic imageUS Treasury selloff pushes yields above 5% and unsettles stocks
US Treasury yields have topped 5%, according to Bloomberg, and the Wall Street Journal reports a deepening selloff that weighed on stocks. Rate-hike bets swung on new inflation data.
The Wall Street Journal reported on Sunday, 4 October, that Treasury yields had climbed to fresh highs ahead of economic data and that US stocks slid as the selloff deepened. It also reported surging mortgage rates and said Paramount's $52 billion debt sale shows higher rates biting corporate America. On Monday the paper wrote that the Treasury selloff resumed after a brief respite. The Financial Times asked what could revive the battered government bond market, while Bloomberg reported that emerging-market carry traders were sticking with their trade as US yields passed 5%.
Fed hike bets swing
On Monday the Wall Street Journal reported that gold futures fell 3% on Fed rate-hike bets. It later reported that gold rose as softer-than-expected inflation data tempered those bets.
France in focus
Bloomberg ran a piece on Sunday arguing that Macron's decade in power left France Europe's weakest link.