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The benchmark 10-year Treasury yield is up 31 basis points since last Friday and briefly touched 5% in New York, setting off another flurry of what Brent Donnelly of Spectra Markets noted have become familiar headlines:"reaches highest level since 2007."
Measured by MSCI's Asia ex-Japan index, Asian stocks hit an 11-month low on Friday. Curiously, the dollar hasn't moved higher with the latest leap in yields, perhaps because currency traders see recession in the offing. "We will make decisions ... based on the totality of the incoming data, the evolving outlook, and the balance of risks."
China, the world's top graphite producer, said on Friday it would require permits for exports of some graphite products, which are used in electric car batteries.
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