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US Treasury Yield Surge | Oil Price Dips Further

Published October 4, 2018
  • Brent crude prices have hit a new four year high of $86.75 as the market focuses on upcoming US sanctions on Iran, shrugging off the year’s largest weekly build in US crude stockpiles and reports of higher Saudi Arabian and Russian production.
  • US bonds extended a sharp sell off, driving yields to a multiyear high of 3.2320. Fed Chair Jerome Powell said that the US central bank has a long way to go before interest rates hit neutral, suggesting to markets that more hikes could be on the horizon.
  • Turkish lira weakened to $6.2273 after data showed that annual inflation had hit nearly 25 percent in September, vastly exceeding expectations, and as the dollar held at a six-week high.
  • The US dollar gained after the release of ADP National Employment Report that showed private employers added 230,000 jobs in September – the most since February – a sign that strong economic growth is spurring companies to add more workers.