Turning points in the final lap
Developments in the global economy, geopolitics, technology and climate change will influence investor positioning and markets this year and beyond
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INFLATION remains too hot to handle. In September, US Treasury yields surged and the risk-off sentiment gathered momentum, as investors digested the latest hawkish hold from the US Federal Reserve.
Even though the Fed left the fed funds rate unchanged at 5.25 per cent to 5.5 per cent last month, its higher-for-longer narrative left the door open to further rate hikes.
September’s US payrolls surprised the market with a gain of 336,000 jobs (versus the consensus of 170,000 jobs), fuelling concerns that the Fed may keep rates elevated, or even hike rates further to control inflation. Benchmark 10-year US Treasury yields reached 4.88 per cent last week, the highest levels since 2007.
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