James Brodie
Head of Learning & Development, Flux
US, France 30Y Bond Yields Highest since 2022, Japan, UK highest since 1996
Long end yields continue to do the Feds work. With 30-year at 5.62% (briefly 5.70%) this effective monetary tightening takes the pressure...
Long end yields continue to do the Feds work. With 30-year at 5.62% (briefly 5.70%) this effective monetary tightening takes the pressure of the front of the curve. 2yr fell 10bp and the 2s/10s curve rallied again to 46bp from 17bp on Just 23rd Sep.
This is a bond crisis: US 30Y yield highest since 2002, Japan 30Y yield highest since 1996, France 30Y yield highest since 2002, UK 30Y yield highest since 1996, Germany 30Y yield highest since 2011, South Korea 30Y yield highest ever, Australia 30Y yield highest ever, Netherlands 30Y yield highest since 2011.
As UK 30y yields punch above 6% it is in an even worse structural fiscal situation than the US. (Chart, Bloomberg)
French bond yields at widest spread to Germany since 2012 Euro crisis. Fiat stress, a typical old school sign of financial distress. The gold bull run will soon restart. France CDS widest in 13 years. (Chart, zerohedge)
US manufacturing expanded for a ninth consecutive month in September, though the ISM gauge dipped 0.1 point to 54.5, missing Bloomberg consensus. It’s a diffusion index, above 50 = growth, blow 50 = contraction. Factories continue to navigate resurgent costs and shipping delays even as demand remains robust - the longest run of expansion since 2022. (Chart, Geiger Capital)
Anthropic is seeking to go public as soon as the middle of November.
The next MAG 7 index - (MRVL, COIN, CRWD, PLTR, NOW, SHOP, NET) (Chart, Optuma, JC Parets)
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