22/10/2024 Evening Reports
The bond market is in turmoil as investors brace for slower rate cuts from the Fed! The US 10-year yield surged above 4.20%, shaking markets from Asia to Europe. Australia’s benchmark debt yields skyrocketed by 16 basis points, and Germany’s 10-year bonds also saw a sharp rise. This global selloff signals a growing fear that interest rates could stay higher for longer.
Rising oil prices, looming fiscal deficits after the upcoming US elections, and a surprisingly strong US economy are dampening hopes for rapid rate cuts. As traders scale back their bets on aggressive monetary easing, volatility is spiking across bond markets. With US elections just weeks away, uncertainty is mounting. Will yields hit 4.5% early next year? The stakes are high, and market swings could intensify as geopolitical tensions and economic policies evolve.
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Sterling Under Pressure: Will the UK Budget and U.S. Elections Shake Things Up?
The British pound has hit a two-month low against the dollar, as markets eye the paths central banks might take and the uncertainties surrounding the U.S. elections. With the U.S. dollar index hovering near a recent high, investors remain cautious. UK borrowing has surged, adding pressure on finance minister Rachel Reeves as she prepares for next week’s budget. Many expect tighter spending, which could weaken the economy and prompt the Bank of England to consider more rate cuts. As the pound wobbles, investors are on edge about what’s next for the UK economy.
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