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US rates push ever higher as food prices soar
podcast Like yesterday’s Formula 1 winner Charles Leclerc, the US Treasury market remains firmly in the global markets box seat on Friday, driving much of the volatility across all asset classes. 10-year yields rose another 4bps and hit 2.70% for the first time in the cycle. In turn this dragged the rates-sensitive US tech sector lower, the NASDAQ ending Friday down 1.3% versus only 0.3% for the S&P 500 and after the Eurostoxx 50 earlier ended +1.6%.and the UK FTSE more than 2%. JPY and GBP were the main contributors to a further lift in the USD, DXY briefly exceeding 100 for the first time since 15 May 2020 ... (full story)