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11 articles
First Fed hike since 2023: the funds rate rises to 3.75%-4% on a unanimous 12-0 vote, with supply shocks dropped from the statement and the Middle East.
US prices rose 0.4% in August and 3.4% year on year. Core monthly surprised at 0.3% as gasoline surged: markets now price 90% odds of a Fed hike on September 16.
Treasury triples long-dated buyback to $6 billion, but Wall Street expected $7-8 billion, sending the 10-year yield to its highest since November 2023.
US PPI and CPI both surprised to the upside in August. Gasoline surged 3.9%, core CPI hit 0.3%, and Fed hike odds for September 16 jumped to 85%.
The ECB raised its three key rates by 25 basis points, taking the deposit rate to 2.50% from 16 September: a second 2026 hike, with inflation at 3.3%.
Government bond yields surge to multi-year highs across the US, Japan, UK and Germany as oil-driven inflation and fiscal deficits fuel a synchronized global selloff.
The yen slid past 160 after a record $98.7 billion intervention, while 10-year JGB yields hit 2.95%, a 30-year high, as hawkish Fed signals erased gains.
Barclays now expects two 25 bp Fed hikes in September and December, reversing its unchanged-rate call after Warsh's hawkish Jackson Hole speech.
Two Treasury officials say the $950 billion TGA is "considered available" to fund expanded bond buybacks, addressing investor doubts on firepower.
The August 13 auction sold $25 billion of 30-year bonds at a 5.216% high yield, the highest since 2001: Washington pays a growing premium as federal debt nears $40 trillion.
July FOMC minutes show deeper division than the 9-3 vote: several officials backed a hike, PCE inflation at 4.1%.