US Long Bond Rises Two Points as Yields Fall 19 Basis Points
The US long bond gained two full points overnight, while yields fell 19 basis points, their largest daily decline since early 2023. Fed funds futures also rallied.
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The US long bond gained two full points overnight, while yields fell 19 basis points, their largest daily decline since early 2023. Fed funds futures also rallied.
Benchmark sovereign yields in the US, Germany and France hovered near multi-year highs while equity indexes rose across Asia and Europe. The dollar was set for a monthly gain, with crude and gold also firmer on the month.
U.S. stocks fell, Treasury yields hit multi-year highs and the dollar firmed as markets priced a roughly 70% chance of a second straight Fed hike in October. Oil gave back some gains after earlier jumping on renewed Middle East negotiations hopes.
Major stock indexes fell, with the MSCI world gauge down 0.83%, as oil prices resumed their rise and Treasury yields extended gains. Spot gold dropped 3.5% to a more than seven-week low.
Major stock indexes fell as oil resumed its rise and Treasury yields extended gains ahead of more expected Fed rate hikes. Nvidia rose after boosting its buyback authorization, while gold fell and the dollar strengthened.