SINGAPORE, Oct 27 — Tech shares slipped and short-term Treasury yields jumped yesterday as investors expect inflation to prompt interest rate hikes, with a hotter-than-forecast reading in Australia the latest sign of prices pressuring central bankers to act.
Strong earnings had earlier propelled Wall Street indexes to fresh records and US stock futures were flat in early trade. Two-year US Treasury yields leapt nearly 5 basis points to 0.4970 per cent, a 19-month high. The Federal Reserve meets next Tuesday and Wednesday with crude oil and soft commodity prices hovering near multi-year peaks.
“The inflation overshoot has been persistent,” they said. “There is so much the Fed can tolerate before reacting ... it feels inevitable that that conversation will be brought up more and more as we go into next year.” The yield on Australia’s April 2023 government bond , which the RBA has targeted at 0.1 per cent as a signal that the cash rate will be at record lows for years, rose as far as 0.237 per cent in a direct challenge to the bank’s intentions.
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