Trading Day: Can't get no relief
On August 20, U.S. bond yields surged as Treasury announced an unexpected buyback of long bonds, causing Wall Street to hit a two-week low. The impact was also felt by retail giant Walmart, whose stock plummeted 9 percent, marking its largest decline in four years. Meanwhile, oil prices climbed almost 40 percent year-on-year, pushing the dollar index to a three-month low and the euro above $1.17 for the first time since May.
Analysts are divided on whether Treasury Secretary Scott Bessent's intervention in bond and currency markets will have lasting effects, especially given the federal debt's recent surcharge to over $40 trillion. The Federal Reserve is also considering a September rate hike, with the probability currently sitting at a 35 percent likelihood.
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- Trading Day: Can't get no relief channelnewsasia.com
