Marketmind: Move over bond selloff, it's Nvidia time
The surge in U.S. yields to 16-year highs has dominated the market's focus all week in the run-up to the Fed's closely watched Jackson Hole Symposium, which should set the tone for policy direction.
The chip designer at the centre of global AI euphoria releases financial results and forecasts following today's closing bell. The catalyst for the yield climb is a complex cocktail that includes expectations for higher Fed rates for longer amid a resilient economy, as well as surging Treasury issuance, a sovereign credit rating downgrade, and Chinese dollar selling to shore up a beleaguered yuan.
Treasury yields may also have been prodded upwards by Japan's bond yields, which had been an anchor for developed-market rates but are on the rise after the Bank of Japan effectively doubled the policy cap onThe JGB market is still feeling for an equilibrium point for the benchmark yield, but a grind to a 9 1/2-year peak of 0.675% today met no resistance from the central bank.
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