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Fixed Income: Latest News and Analysis

Global Macro Playbook
China's Short-Term Bond Yields Plunge to 2009 Low Amidst Easing Policy

China's short-term sovereign bond yields have plummeted to their lowest levels since the 2008 global financial crisis, reports the Financial Times, as concerns over weak domestic demand bolster bets on further central bank easing. The yield on one-year bonds fell to 0.92%, marking a 14-year low, while

Global Macro Playbook
UK Bond Market in Turmoil as BOE Rate Path Remains Unclear

Long-term UK government borrowing costs are approaching their highest levels since 1998, with investors grappling with uncertainty over the extent to which the Bank of England (BOE) will cut interest rates next year, reports Bloomberg.

The yield on 30-year bonds surged to 5.16% on Friday, marking the highest close

Morningstar
30-Year Treasury Yield Rises to 4.715% This Week — Data Talk
The 30-year yield rose 0.102 percentage point to 4.715% this week. The price fell 1 19/32 to 96 18/32. --Yield is up 0.385 percentage point over the last two weeks ...
Global Macro Playbook
Italy's Bonds Poised for Gains as German and French Uncertainty Grows

While Italy's economic growth stalls and its debt burden continues to rise, investors are increasingly drawn to the country's government bonds, reports Reuters. This unexpected shift in sentiment stems from a growing perception that Rome's political landscape is far more stable than those in

Reuters
TSX down for sixth day as higher bond yields weigh
Canada's main stock index fell for the sixth straight session on Thursday, as rising bond yields weighed on economically sensitive sectors such as industrials and real estate. The Toronto Stock ...
MarketWatch
How this Treasury-market dynamic could lead to the next big leg lower in stocks
The rise in yields seen in the long end of the Treasury curve is the product of what’s known as a bear-steepener trade. Bear refers to the sentiment behind the trade, which is to sell the 10-year note ...
Reuters
Wall Street rebounds, Treasury yields rise as markets digest Fed's slowdown signal
Wall Street rebounded on Thursday and benchmark U.S. Treasury yields hit their highest level since May as stocks recovered in the wake of the Federal Reserve's hawkish outlook. Crude prices dipped and gold rallied as investors grew accustomed to the reality that the central bank will take a slower,
Morningstar
10-Year Treasury Yield Rises to 4.569% — Data Talk
The 10-year yield rose 0.075 percentage point to 4.569% today. The price fell 19/32 to 97 15/32. --Yield is up for two consecutive trading days --Yield is up 0.185 percentage point over the last two ...
Morningstar
2-Year Treasury Yield Falls to 4.316% — Data Talk
The 2-year yield declined 0.034 percentage point to 4.316% today. The price rose 2/32 to 99 28/32. --Yield is off 0.727 percentage point from its 52-week high of 5.043% hit Tuesday, April 30, 2024 ...
CNBC
Kelly Evans: Elon Musk: the ultimate Bond Vigilante
Let’s start with what happened to markets after the Fed’s rate cut yesterday. It wasn’t pretty. The Dow dropped 1,100 points. The S&P fell 3%. The Nasdaq dropped 3.5%. The Russell 2000 small-caps fell ...
Reuters
Wall St rebounds, dollar stalls as markets digest Fed's slowdown signal
Wall Street rebounded and U.S. Treasury yields resumed their climb on Thursday as stocks recovered from their steep dive in the wake of the Federal Reserve's hawkish outlook. The dollar gave back some of Wednesday's gains and gold rallied as investors grew accustomed to the reality that the central bank will take a slower,
Reuters
Wall Street ends mixed, Treasury yields rise as markets mull Fed's slowdown signal
Wall Street stumbled to a close Thursday, ending nearly flat after an earlier rally ran out of steam late in the session as investors continued to parse the Federal Reserve's hawkish outlook. Benchmark U.
Bloomberg
China One-Year Yield Sinks to 1% for First Time Since 2009
China’s short-term bond yields slumped further to reach the psychological milestone of 1% for the first time since the global financial crisis, as traders ramped up bets on monetary easing.
Bloomberg
UK Bond Market Takes Another Hit With BOE Rate Path in Doubt
Long-term UK government borrowing costs are approaching the highest level since 1998 as investors struggle to work out how much the Bank of England will cut interest rates next year.
CNBC
10-year Treasury yield is little changed as investors await Fed’s preferred inflation gauge
Treasury yield remained little changed on Friday as investors anticipated the release of a key inflation gauge.
CNBC
10-year Treasury yield is little changed as investors await Fed's preferred inflation gauge
Treasury yield remained little changed on Friday as investors anticipated the release of a key inflation gauge.
Bloomberg
UK Bond Yields Head for 26-Year High With BOE Rate Path in Doubt
Long-term UK government borrowing costs are approaching the highest level since 1998 as investors struggle to work out how much the Bank of England will cut interest rates next year.
Bloomberg
China Shorter Yields Sink to Two-Decade Low as Bond Fever Builds
China’s short-term bond yields slumped further to reach the psychological milestone of 1% for the first time since the global financial crisis, as traders ramped up bets on monetary easing.
Bloomberg
UBS’ Zhao Plans to Buy US Bonds Before Trump Policies Hit Growth
UBS Asset Management’s Kevin Zhao plans to keep working during the holidays this year, hoping that if US Treasuries selloff amid thin trading volumes he’ll be there to buy.
Global Macro Playbook
JPMorgan Shifts Focus to Australian Bonds as European Rally Cools

The remarkable run in European government bonds is nearing its end, prompting JPMorgan Asset Management to shift its focus to Australia, reports Bloomberg.

The firm's portfolio manager Kim Crawford believes that further gains in European debt are limited, given that interest rate cut expectations from the European Central

MarketWatch
Bond market 'well positioned' to absorb a hawkish Fed rate cut: BMO
The Treasury market was in a "classic pre-Fed holding pattern" ahead of Wednesday's final policy announcement of 2024 by the Federal Open Market Committee, according to BMO Capital Markets strategists ...
MarketWatch
2-year Treasury yield jumps above 4.3% as Fed pulls back on 2025 rate cuts
Yields on 1- through 3-year Treasurys led the advance in market-based rates on Wednesday, after the Federal Reserve projected only two quarter-point rate cuts for 2025 — less than it had presumed in ...
Morningstar
Treasury yields rise after Fed projects fewer cuts for 2025
What's happening -- The yield on the 2-year Treasury note BX:TMUBMUSD02Y rose 4.8 basis points ... The yield on the 30-year bond BX:TMUBMUSD30Y rose 2.7 basis points to 4.605%, from 4.578% on Tuesday.
Reuters
Fed lowers rates but sees slower pace of further cuts, firmer inflation
The Federal Reserve is expected to lower borrowing costs on Wednesday in what some observers are calling a "hawkish cut" set to be delivered alongside policymakers' updated interest rate outlooks and ...
Morningstar
2-Year Treasury Yield Rises to 4.350% — Data Talk
--Highest yield since Friday, Nov. 22, 2024, --Yield is off 0.693 percentage point from its 52-week high of 5.043% hit Tuesday, April 30, 2024 --Yield is up 0.802 percentage point from its 52-week low ...
MarketWatch
Why stocks and bonds slumped — and market volatility soared — after Fed meeting
Stocks and bonds sold off after the Federal Reserve ended its policy meeting Wednesday with a new set of economic projections that pointed to a potentially slower pace of interest-rate cuts next year than previously forecast.
Bloomberg
Philippines Pushes to Expand Bond Market With $9 Debt Offer
The Philippines is ramping up the sale of government securities for as low as 500 pesos ($9) in a bid to broaden the investor base and help fund one of Asia’s fastest-growing economies.
Wall Street Journal
Eurozone Bond Yields Rise, Follow Treasury Yields Higher
The yield on the U.K. 10-year government bond or gilt rises around 10 basis points to 4.650%, a 14-month high, tracking a rise in U.S. Treasury yields after the U.S. Federal Reserve cut interest rates ...
Bloomberg
UK 10-Year Yield Rises to Highest in More Than a Year Before BOE
UK government bonds tumbled, catching up with an aggressive selloff in US Treasuries overnight after Federal Reserve Chair Jerome Powell signaled greater caution over how quickly policymakers can ...
CNBC
10-year Treasury yield hovers above 4.5% after Fed signals slower rate cutting cycle
U.S. Treasury yield climbed on Thursday after the Federal Reserve signaled fewer rate cuts could be on the horizon next year.
Wall Street Journal
Euro Credit Default Swaps Rise Following Fed Interest-Rate Decision
The cost of insuring euro-denominated credit against default using credit default swaps rises on reduced appetite for risk after the U.S. Federal Reserve on Wednesday cut interest rates but signaled a slower pace of rate cuts ahead.
Reuters
UK gilt yields jump again after Fed signals go-slow on rate cuts
LONDON (Reuters) -British government bond prices fell sharply on Thursday after the U.S. Federal Reserve shocked global financial markets by signalling it would move slowly with cutting interest rates ...
Reuters
Futures steady after Wall Street swoons on Fed view of fewer rate cuts
U.S. stock index futures edged higher on Thursday as investors digested the Federal Reserve's projections of fewer-than-expected interest rate cuts and higher inflation next year that pummeled Wall Street a day earlier.
Reuters
Morning Bid: Fed's 'hawkish cut' slams markets, BOJ up next
The BOJ is expected to keep interest rates on hold, leaving investors to take their cue from Governor Kazuo Ueda's remarks in his press conference. Japanese swap rates imply a 60% probability the BOJ will raise rates by 25 bps in January,
Wall Street Journal
Dollar Hovers Near 2-Year High After Fed Decision
The dollar was hovering close to a two-year high after the Fed signaled a slower pace of interest rate cuts next year.
Morningstar
Treasury yield curve steepens as 30-year yield rises above 4.7% after Fed decision
Yields on long-dated U.S. government debt were jumping Thursday morning as traders factored in the prospects of higher-for-longer interest rates, inflation risks, continued economic strength, and the ...
Reuters
US stocks face headwind from rising yields after Fed signals fewer rate cuts
The rally in U.S. stocks is encountering a fresh hurdle -- a potentially problematic rise in Treasury yields as the Federal Reserve signals fewer interest rate cuts for 2025.
Bloomberg
US Yield Curve Is Steepest Since 2022 After Fed’s Rate-Cut Shift
Longer-dated US Treasuries weakened Thursday, propelling the yield curve to steepen to a level last seen about 30 months following the Federal Reserve’s hawkish interest-rate easing and projections ...
MarketWatch
Stocks are bouncing back — but investors should keep an eye on Treasury yields: GLOBALT
Stocks will likely keep taking their cues from the bond market, Martin said. So investors should keep a close eye on the yield curve, which continued to steepen on Thursday with the yield on the ...
MarketWatch
Treasury yields mixed after huge spike; Morgan Stanley says January Fed rate cut still possible
What’s happening The yield on the 2-year Treasury was 4.319%, down 3.1 basis points from 4.35% on Wednesday. The yield on the 10-year Treasury was 4.559%, up 6.6 basis points from 4.493% ...
InvestmentNews
Treasury markets could see a calm 2025, says JPMorgan's Michele
The bond-market veteran argues "the market will tread water" as a Fed without much to do makes his list of "realistic surprise predictions." ...
Wall Street Journal
Oil Slips as Fed Rate-Cut Outlook Fuels Demand Worries
Oil prices retreated from the previous trading session after the Fed signaled fewer interest-rate cuts next year, fueling demand concerns.
Bloomberg
FTSE 100 Live: UK Stocks and Bonds Tumble as Traders Await BOE Decision
The only stocks in the green in the FTSE 100 as I type are Severn Trent and United Utilities, and water firms are outperforming more broadly after the final price review determinations from Ofwat.
MarketWatch
Treasury yield curve steepens as 10-, 30-year yields end at almost 7-month highs
Yields on long-dated U.S. government debt were jumping Thursday morning as traders factored in the prospects of higher-for-longer interest rates, inflation risks, continued economic strength, and the ...
Morningstar
Why stocks and bonds slumped - and market volatility soared - after Fed meeting
Stocks and bonds sold off after the Federal Reserve ended its policy meeting Wednesday with a new set of economic projections that pointed to a potentially slower pace of interest-rate cuts next year ...
MarketWatch
Fed and bond market are on different pages about interest rates: chart
Longer-duration yields that help finance the U.S. economy have been drifting higher since the Federal Reserve cut short-term interest rates in September. The mismatch likely reflects "a higher ...
U.S. News & World Report
Fed Cuts Rates for Now, But Suggests a Slower Easing Ahead as Economy Remains Strong
The Federal Reserve cut interest rates by a quarter point on Wednesday, as expected, but suggested that the pace at which it will reduce rates next year would be cut in half. The move brings the Fed’s key overnight lending rate to a range of 4.