Global government bond yields have climbed to their highest levels since 2008, pushed up by surging oil prices and renewed tensions in the Middle East that are stoking inflation expectations. The sell-off is broad, hitting sovereign debt across major economies and driving up borrowing costs for households, businesses, and governments simultaneously. Separately, Apple has named hardware engineering head John Ternus as its new chief executive, marking the first leadership transition at the company since Tim Cook took over in 2011.
When bond yields rise this sharply, the cost of money goes up everywhere at once. Stocks with high valuations, particularly in technology and growth sectors, face pressure because future earnings are worth less when discounted at higher rates. Investors holding long-dated bond funds will see their portfolio values decline, and anyone carrying floating-rate debt, whether a homeowner or a leveraged company, faces rising payments immediately.
Next CPI inflation report, ~mid-July. Next Federal Reserve rate decision, ~July 30. Bank of Japan policy meeting, ~July 31. Apple earnings report, ~July 31.
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