Global equities fall as US Treasury yields, dollar stay elevated

NEW YORK, Sept 27 — A global equity index lost more than 1 per cent on Tuesday in a choppy trading session as fears of higher-for-longer interest rates ate into appetites for...

NEW YORK, Sept 27 — A global equity index lost more than 1 per cent on Tuesday in a choppy trading session as fears of higher-for-longer interest rates ate into appetites for riskier assets while the benchmark US Treasury yield remained near 16-year highs.

However, Minneapolis Fed President Neel Kashkari said yesterday that he sees a “soft landing“ for the US economy as likelier than not, but also sees a 40 per cent chance that the Fed will need to raise rates “meaningfully” higher to beat inflation. “As long as rates keep pushing higher that’s going to keep the market nervous,” said Jack Janasiewicz, portfolio manager at Natixis Investment Managers Solutions. “It feels like this dark cloud is hovering over the market until we get to the PCE print.”“The concerns about continued higher rates have been weighing on stocks for about two months since the peak at the end of July,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

In treasuries, benchmark 10-year notes were up 0.6 basis point to 4.548 per cent, from 4.542 per cent late on Monday. The 30-year bond US30YT=RR was last up 2.4 basis points to yield 4.6834 per cent, from 4.659 per cent. The 2-year note was last up 0.3 basis points to yield 5.1336 per cent, from 5.131 per cent.

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