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U.S. bonds brace for 20-year sale as equities remain bruised
U.S. yields stayed near multi-decade highs, with the bond selloff still weighing on stocks even after industrial production came in below forecast.
Markets took a quieting in overnight bond volatility, but U.S. equity trading remained “bruised” as investors looked ahead to the Treasury’s 20-year debt sale later Wednesday, according to Yahoo Finance.
Attention also turns to the Federal Reserve’s July minutes from a split meeting, which investors may use to gauge views on persistently elevated inflation, with U.S. yields still near multi-decade highs despite some relief after a below-forecast industrial production report Tuesday.
The piece highlights ongoing debate about the drivers of the recent surge in borrowing costs, pointing to expectations for less Fed tightening than earlier in the month and to a so-called term premium that is near its highest level in a decade.
Outside of rates, the energy complex faced strain in refined products as crack spreads between crude and diesel futures climbed to a record high, a setup that could feed into higher winter fuel costs; in trade, President Donald Trump paused a planned 50% tariff increase on some Canadian goods for at least three days while talks proceed, and in China, humanoid robot maker Unitree surged about 600% on its IPO debut.
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