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and global markets today By Mike Dolan, Editor-at-Large, Finance and Markets The bond storm quietened a bit overnight but left equity markets bruised, with an uneasy calm hanging over markets as the U.S.
Treasury prepares to sell 20-year debt later on Wednesday.
Attention will also turn to the minutes of the Federal Reserve's split meeting in July, which could help resolve some of the uncertainty around the central bank's views on persistently elevated inflation.
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yields remain near multi-decade highs, but they got some relief following the release of a below-forecast U.S.
Still, discussion continues to swirl about what exactly has been driving this latest blowout in borrowing costs, especially given that markets now anticipate less Fed policy tightening than they did only a few weeks ago.
Analysts reckon inflation concerns are only part of the problem, as long-term inflation expectations remain contained.
They point instead to the so-called "term premium" on long bonds being demanded by investors to compensate for the uncertainties surrounding borrowing costs and debt sustainability over the horizon.
That premium is near its highest level in a decade.
Meanwhile, there was little relief on the energy front heading into Wednesday, with crude oil prices still pumped up after the latest negative turn in the Iran conflict this week.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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