- The global bond selloff resumed on Monday, with 10-Yr Treasury yields reaching their highest level since 2007, as investors awaited Fed's Powell speech for clues on the direction of interest rates.
- Ten-Yr Treasury yields rose five basis points to 4.62%. Equities were mixed, with European stocks falling and futures in the United States trading little changed. Oil rose slightly, boosted by widespread belief that global demand will continue to outstrip supply.
- Powell will participate in a roundtable discussion with Philadelphia Fed President Patrick Harker. Their perspectives will be particularly interesting after New York Fed President John Williams suggested on Friday that interest rates should remain high for some time.
- Stocks rose earlier in the session, with investors feeling upbeat after US lawmakers reached an agreement to avoid a government shutdown over the weekend. However, markets' attention is quickly returning to interest rates, especially as rising oil prices threaten to fan inflation.
- OPEC September oil output rose by 120k BPD from August to 27.73 mln bpd, led by higher Nigerian and Iranian output - survey.
