【今日单词】
emphatic
adjective
expressing something forcibly and clearly.
"the children were emphatic that they would like to repeat the experience"
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原文如下：
The day in the markets
by Harriet Clarfelt and Ian Johnston
(来自：The Financial Time 金融时报)
What you need to know
• US Treasuries slide as robust services sector data sharpen Fed rate rise fears
• Sell-off also ricochets into other core government debt
• Japanese yen tumbles to 24-year low on strict yield curve controls
US government bonds dropped yesterday after an upbeat survey on the country’s vast services industry fuelled expectations of further big interest rate rises by the Federal Reserve.
The yield on the 10-year Treasury note, seen as a proxy for borrowing costs around the world, added 15 basis points to 3.34 per cent.
The yield on the two-year note, which is sensitive to changes in interest rate expectations, rose 10bp to 3.49 per cent.
Those moves, which followed a public holiday in the US, became more emphatic after a closely watched Institute for Supply Management survey showed that services activity had outpaced economists’ expectations, registering a reading of 56.9 in August compared with forecasts of 55.1 and July’s figure of 56.7.
Any figure above 50 signals expansion. Growth in business activity and new orders both accelerated last month, the report said.
The data were released after a robust labour market report for the world’s largest economy last week prompted investors to crank up their projections of how far and fast the Fed will lift borrowing costs to tame inflation.
Government bond yields have climbed in recent weeks as hawkish Fed rhetoric and a deepening European energy crisis sent shivers through financial markets.
Fed chair Jay Powell reiterated last month the US central bank’s commitment to curbing rapid price growth, saying they “must keep at it until the job is done”.
Wall Street’s broad S&P 500 share index was down 0.2 per cent by the late morning while the tech-heavy Nasdaq Composite fell 0.1 per cent as indices struggled for firm direction in New York.
Across the Atlantic, the pan-regional Stoxx Europe 600 share index closed 0.2 per cent higher.
The moves in US government bonds ricocheted into other debt markets. The UK’s 10-year benchmark gilt yield added 17bp to 3.1 per cent, having touched 3 per cent on Monday for the first time since 2014, according to Refinitiv data.
Ten-year UK government borrowing costs in the gilt market had soared more than 90bp last month, the biggest rise since at least 1989.
In currencies, Japan’s yen tumbled as much as 1.7 per cent to ¥142.97 against the dollar, marking a 24-year low, as Tokyo’s strict yield curve controls contrasted with soaring bond yields in other major economies — lessening the appeal of the nation’s currency.
