We are witnessing a once-in-a-generation bond market sell-off.
The bond market itself is a vehicle for investors to measure and weigh inflation, as well as broader economic risks.
The September Flash Composite PMI, or Buying Managers' Index surged to 58.4 from 56.0 in August — the highest reading since July 2021 and well above the 55.3 consensus.
One of the US Federal Reserve Governors, Michael Barr, said last week "further policy adjustments are likely needed" to return inflation to the two per cent target in a timely way, adding that risks to achieving the inflation goal had increased.
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We are witnessing a once-in-a-generation bond market sell-off. The bond market itself is a vehicle for investors to measure and weigh inflation, as well as broader economic risks.
The report’s most important sentence, shortened and in plain words. How
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We are witnessing a once-in-a-generation bond market sell-off.
Generally considered safer than the volatile share market, the bond market provides an economic canary in the coal mine because it can foreshadow financial market stress.
The bond market itself is a vehicle for investors to measure and weigh inflation, as well as broader economic risks.
Politicians can spin a big budget deficit or their reasons for engaging in military conflict, but the bond market provides a clinical assessment of the fallout of such actions for everyday workers.
The US 10-year and 30-year government bond yields are now around two-decade highs — both are close to breaching 2006 and 2007 peaks, with 2004 the highest before that.
The September Flash Composite PMI, or Buying Managers' Index surged to 58.4 from 56.0 in August — the highest reading since July 2021 and well above the 55.3 consensus.
Germany's finance agency said on Thursday it expects federal borrowing to hit a record €525.5 billion in 2026 and to rise further next year, driven by rising refinancing needs and requirements for special funds.
The yield on Germany's benchmark 10-year Bund briefly rose above 3.6 per cent this month, its highest level in 17 years.
One of the US Federal Reserve Governors, Michael Barr, said last week "further policy adjustments are likely needed" to return inflation to the two per cent target in a timely way, adding that risks to achieving the inflation goal had increased.
Markets now price about a 66 per cent probability of a further 25 basis points hike at the October US Federal Open Market Committee meeting.
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