Tuesday 22nd August 2023
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US Treasury Yields have hit new post GFC highs, but NAB’s Skye Masters says its hardly a surprise given where Fed funds rates currently are. She reminds us how last year 10-year Treasuries were trying to break 3%, hitting equity markets. Now yields are breaking above 4% and equities are rising. Does that support the soft-landing narrative, which is the expected outcome now by most US economists. Meanwhile, it seems we have to reassess expectations for the level of fiscal and monetary support for China. The PBoC eased the one year prime loan rate, but only by 10 basis points. That’s not going to move mountains, but it also didn’t have a profound impact on the broader market either.
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