- The global bond selloff has subsided. The dollar remained stable, while stocks struggled to find direction.
- European stocks gave up their early gains to trade little changed. US equity futures rose 0.4%, while a global equity index fell below its 200-day moving average, indicating that stocks may be entering oversold territory.
- US Treasury yields fell three basis points, retreating from a 16-year high fueled by speculation that the Federal Reserve will maintain its restrictive monetary policy into next year, if not longer. The dollar index remained near its peak for the year, while a measure of how much bond investors are paid for holding long-term debt turned positive for the first time since June 2021.
- Fed's Kashkari: There is a risk interest rates might have to go higher, but it's hard to know - CNN Interview.
- ECB's Elderson: ECB rates haven't necessarily peaked.
