The higher-rates-for-longer is sending ripples across major economies
The higher-rates-for-longer phenomenon looks to be rooted in changes to the U.S. outlook but is sending ripples across major economies, resulting in higher borrowing costs for companies, individuals and governments around the globe.Since the end of June, the 10-year U.S. Treasury bond yield is up 1.07 percentage points. Moves in other major global bond markets are smaller, but still substantial.
That's true regardless of whether you believe higher U.S. yields are driven mainly by growth expectations, the fiscal outlook or something else.The market for capital is global. If you're a sovereign wealth fund or pension manager or other investor, you are looking for the best return. Higher Treasury yields, even if driven entirely by domestic factors, exert an upward tug on yields worldwide.to the degree investors now anticipate a tighter-for-longer Federal Reserve policy, it increases the odds that other major central banks will do the same.
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