Overview

• U.S. 30-year Treasury yields touched 5% for the first time since mid-July, while 30-year benchmarks in France, Germany and the UK climbed to multi-year highs on fiscal and supply concerns.
• Gold surged above $3,500 an ounce to a new record, with silver hitting a 14-year peak, as safe-haven demand and expectations for lower U.S. policy rates supported precious metals.
• Global equities fell on Tuesday, with U.S. indexes down about 1% and the Dow off roughly 500 points at the open, as higher long-dated yields pressured valuations.
• Futures pricing implies roughly 89–90% odds of a 25-basis-point Fed cut this month, with Friday’s nonfarm payrolls — preceded by JOLTS and private payrolls — seen as the key catalyst for any re-pricing.
• A U.S. appeals court deemed most of President Trump’s tariffs illegal but left them in place until Oct. 14 pending appeal, and efforts to remove Fed Governor Lisa Cook heightened concern over central bank independence.