Opinion
Powell worsens the carnage in bond markets
The US Federal Reserve chairman’s comments triggered a further sell-off in bonds, deepening the pain for investors who placed big bets that 2024 would see interest rate cuts.
Karen MaleyColumnistThe carnage in bond markets shows little sign of ending after Jerome Powell conceded the US central bank’s fight against inflation has stalled, meaning there’s little chance it will deliver the three interest rate cuts it had pencilled in for this year.
The US Federal Reserve chairman’s comments triggered a further sell-off in bonds, pushing the yield on benchmark US 10-year bonds – considered the global risk-free asset – to a fresh 2024 high of 4.67 per cent.
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