Overview
- U.S. long-term Treasury yields moved higher on Thursday after a short retreat earlier in the week that followed a rare Treasury operation to support long-dated bonds.
- The Treasury’s intervention temporarily pushed yields down but market participants quickly tested that pause, with the 30-year around 5.22% and the 10-year near 4.67% in early trading.
- Minutes from the Fed’s July meeting showed several policymakers ready to raise rates if inflation does not fall, increasing the chance of further policy tightening.
- Walmart reported solid quarterly profit but slowing U.S. sales growth, a result that investors read as a mixed signal on household spending and that pressured the retailer’s stock.
- Markets see rising risks from higher oil prices tied to U.S.-Iran tensions, a crypto rally that pushed bitcoin above $70,000, and the U.S. national debt topping $40 trillion, all of which add upside pressure to inflation and market volatility.