Analysts generally assume Trump's plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields than would Harris' centre-left policies.
Trump's proposals would also tend to push up the dollar and potentially limit how far U.S. interest rates might ultimately be lowered.
Thus while markets were still confident the Federal Reserve would cut interest rates by 25 basis points on Thursday, futures for next year eased into the red with December down 8 ticks.
The risk of a higher terminal Fed funds rate combined with the prospect of ever-larger budget deficits to hammer Treasuries, sending 10-year yields to four-month highs and two-year yields to a three-month top. Ten-year yields were last up 17 basis points at 4.449%, the sharpest rise since April.
The jump in yields fuelled bullish bets on the dollar, which boasted its biggest daily gain since early last year . The euro, yen and Swiss franc all sank more than 1%, while the trade-exposed Australian and New Zealand dollars dived to three-month lows.
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