FINNO says global bond yields hit 24-year high, eyes US 30-year breaching 6%

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Finno Mina Public Company Limited, or FINNO, reported that government bond markets worldwide have again come under heavy selling pressure, pushing long-dated US Treasury yields to their highest level in more than 24 years. Yields on 10-year and 30-year bonds rose by more than 7 basis points to 5.34% and 5.70% respectively, the highest since 2002. The selling came after the US ISM Services index for September, which although slowing, saw its Prices Paid component surge to 74, the highest since July 2022. At the same time, continued growth in artificial intelligence infrastructure investment has led the market to assign greater weight to the possibility that the Federal Reserve may resume raising interest rates late this year. BMO Asset Management estimates that the 30-year US Treasury yield could breach 6% this month, which if it happens would be the highest since 2000. Pressure has also spread to European markets, with the yield spread between French and German government bonds widening. Pablo Hernandez de Cos, a senior official at the Bank for International Settlements, warned that central banks may face more complex and difficult challenges in handling future financial crises, after global public debt rose close to its highest level since the end of World War II. The Bank for International Settlements also warned of risks from the rapid expansion of non-bank financial institutions such as hedge funds and pension funds, as well as stablecoins and AI, and the spread of information through social media, which could accelerate the eruption of a liquidity crisis. It views the Bank of England's approach in 2022, buying assets with a limited size and a clear time frame, as a model that can reduce moral hazard risk, but if a large and prolonged crisis occurs, action by central banks alone may not be enough and would require cooperation from governments, regulators and many countries.

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Heavy global bond selling pushed 10-year US Treasury yields to 5.34%, highest since 2002, on hot ISM services prices and Fed rate-hike expectations.

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FinnomenaPrivate± Mixed
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