UBP says long-end bond yields hit multi-decade highs, pressuring risk assets
SPY•Treasury buybacks faded quickly
Treasury doubled 10- to 30-year buybacks to about USD 14 billion versus roughly USD 148 billion of long-end supply; the impact faded quickly.
Risk assets weaken as yields rise
MSCI ACWI total return fell 0.9%; global semiconductors dropped 3.9% as higher yields weighed on AI-linked trades.
The dollar index slid over 1% to a three-month low; gold climbed to USD 4,650 per oz on financial-repression concerns.
Long-end yields hit multi-decade highs
Union Bancaire Privee flagged multi-decade highs in long-end yields, pressuring the dollar and risk assets despite resilient global PMIs.
US 10-year Treasury yield rose 4 bps to 4.73%; 30-year hit 5.31%, the highest since 2007.
