Thursday: US 10-year hits 16-year high of 4.91%
US Treasury bonds sold off again overnight, pushing the 10-year yield to 4.91%, its highest level since 2007. Oil rose 2% on a drop in US inventories. Chinese GDP was stronger than expected. In our bonus deep-dive interview, ANZ’s Head of G3 Economics Brian Martin explains why Treasury yields are rising, even though the Fed appears to have paused rate hikes. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/