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Higher bond yields hit Nasdaq, Oil continues to rally
Nasdaq led markets lower again, down 0.5% in morning trade, with traders concerned about a continuing sell-off in US bonds which took ten year yields to their highest level since 2007. US mortgage rates hit 7%, with many commentators looking to an 8% peak. Further reading of the Fed’s July meeting minutes led many to believe that short rates are headed higher to curb inflation. Oil bucked the trend, up 1.7%, continuing a recent rally. Bottom-line: risk-off. Fed Minutes highlight upside rate risks: The Federal Open Market Committee Minutes for July, released yesterday, revealed that “most” members still believe ... (full story)