Treasury yields climb, stocks slide as risk appetite fades
Treasury yields hit multi-year highs, dragging stocks and gold lower while the dollar gains.
Asia-Pacific markets see a quiet calendar on Wednesday, with an ECB board member speaking in the Philippines.
Few scheduled economic releases or events in the Asia-Pacific time zone look likely to move markets noticeably when they are published. ECB executive board member Piero Cipollone is due to give remarks at an event in the Philippines, taking part in a panel at the Reinventing Bretton Woods Committee International Research Fair.
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Treasury yields hit multi-year highs, dragging stocks and gold lower while the dollar gains.
The 30-year Treasury yield reached 5.70% on Monday, its highest since 2002, while the 10-year yield neared 5.32%, pressuring gold and equities.
Sovereign yield spreads signal investor confidence and can impact currencies, equities, and central bank policy, even for those who don't trade bonds.
The US dollar has strengthened as Treasury yields near multi-decade highs, potentially tightening financial conditions without further Fed rate hikes.