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Alec Russell, FT's foreign editor, discusses the sell-off in US government debt, Arm's listing frenzy among tech startups, and the emergence of a new geopolitical order amid tensions between the US and China.
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Quick takeaways
- The increase in US Treasury yields, driven by market sentiment rather than fundamentals, is causing a bond sell-off.
- Arm's blockbuster IPO filing has generated excitement about a potential revival of the tech startup IPO market.
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Bond Sell-off and Rise in Yields
The yield on the 10-year U.S. Treasury hit 4.35%, the highest level since 2007. This increase in yields has led to a bond sell-off, which is mainly driven by market sentiment rather than fundamental factors. The divergence between the stock market and the Treasury market can be attributed to different factors, with the stock market focusing on upcoming NVIDIA earnings and the Treasury market looking towards the Jackson Hole Symposium for key insights on interest rates and yields.
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