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Analysis: As U.S. Treasuries Tumble, Some Investors Say Turning Point Is Near

NEW YORK, Oct 21 (Reuters) – Some investors believe Treasury yields are close to peaking, even as markets continue pricing in more hawkishness from a Federal Reserve bent on taming the worst inflation in decades.

It’s a refrain that has been heard more than once in 2022, as a steep selloff in Treasuries steamrolls investors who bet markets would soon reverse, while battering stocks and fueling the dollar’s climb.

The tumble in bonds has intensified in recent days, as U.S. Treasury yields – which move inversely to prices – hit their highest levels since the 2008 global financial crisis on concerns that the Fed would need to raise rates more aggressively to bring down consumer prices.

Full coverage: REUTERS

Russia Poised To Largely Skirt New G7 Oil Price Cap

LONDON, Oct 21 (Reuters) – Russia can access enough tankers to ship most of its oil beyond the reach of a new G7 price cap, industry players and a U.S. official told Reuters, underscoring the limits of the most ambitious plan yet to curb Moscow’s wartime revenue.

The Group of Seven countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but faced consternation from main players in the global oil industry who feared the move could paralyse the trade worldwide.

Full coverage: REUTERS

Musk Says Recession Could Last Until 2024

Oct 21 (Reuters) – Tesla Chief Executive Elon Musk said on Friday he thinks a recession will last until spring of 2024 after earlier raising concerns on demand in China and Europe.

“Just guessing, but probably until spring of ’24,” Musk said on Twitter when a user asked him how long the recession would last.

Shares of Tesla slid on Thursday, a day after Musk said it was a “little harder” for the electric-vehicle maker to garner demand in the face of a weakening global economy.

Full coverage: REUTERS

Japan’s Inflation Hits 8-Year High In Test Of BOJ’s Dovish Policy

TOKYO, Oct 21 (Reuters) – Japan’s core consumer inflation rate accelerated to a fresh eight-year high of 3.0% in September, challenging the central bank’s resolve to retain its ultra-easy policy stance as the yen’s slump to 32-year lows continue to push up import costs.

The inflation data highlights the dilemma the Bank of Japan faces as it tries to underpin a weak economy by maintaining ultra-low interest rates, which in turn are fueling an unwelcome slide in the yen.

Full coverage: REUTERS

Oil Wavers As Rate Hike Talk Offsets Fading China Demand Hopes

Oct 21 (Reuters) – Oil prices were little changed on Friday as optimism about a possible rise in demand in China faded and the market again weighed the impact of sharp interest rate rises on energy consumption.

Brent crude futures slipped 12 cents to trade at $92.26 a barrel by 0625 GMT. U.S. West Texas Intermediate futures were down by 11 cents to $84.40 a barrel.

Brent was on track for a weekly gain of 0.6%, while WTI was expected to fall 1.5% following a rollover in front-month contracts.

Full coverage: REUTERS

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