Long-end U.S. Treasury yields breached a key support level! Real interest rates hit a 16-year high, reigniting fears of further rate hikes amid renewed oil price shocks.

U.S. Treasuries faced a fresh wave of selling, with the 10-year yield rising to 4.64%, breaking through the key technical level of 4.60%. The 30-year TIPS real yield climbed to 2.95%, reaching its highest level since 2008. Oil prices rose to $91 per barrel, and escalating Middle East tensions reignited inflation concerns, completely erasing the positive impact of last week’s softer-than-expected CPI data.

wallstreetcn14:12

Trump’s Tariffs in Disguise—What’s Different This Time?

Authors: Song Xuetao, Li Mengying Source: Xuetao Macro Notes The United States is rebuilding country-specific tariffs and expanding sectoral tariffs through Section 301, Section 338, and Section 232 investigations. The Section 122 tariffs, implemented by the Trump administration as a transitional measure, will expire on July 24. However, tariff policy remains a central pillar of Trump’s core economic agenda. Based on the policy actions already taken by the Trump administration, the U.S. is using Section 301, Section 338, and Section 232 investigations to reconstruct country-specific tariffs and broaden sectoral tariffs, respectively. I. How will Trump’s new tariffs be implemented after the expiration of Section 122? Section 301 investigations primarily target trade practices of specific countries

Xue Tao Macro Notes17:39

U.S. Secretary of State Rubio: The United States remains willing to engage in negotiations on the Iran issue.

U.S. Secretary of State Marco Rubio said on Wednesday that the United States remains willing to resolve the Iran issue through negotiations, but Tehran has shown a lack of sincerity toward dialogue. Meanwhile, escalating conflicts have disrupted two of the world’s most critical energy transit chokepoints.

Zhitong Finance17:03

Treasury Yields Flat as Traders Reassess Fed Rate Hike Bets

CNBC17:00

Sharp rebound! U.S. 'tech momentum stocks' post the largest single-day gain in history—but has the sell-off ended?

U.S. tech momentum stocks posted their largest single-day gain in history on Tuesday, with Morgan Stanley's TMT Momentum Factor rising more than 12% in a day and Goldman Sachs' High-Beta Momentum Index climbing approximately 8.5%. Goldman Sachs and UBS Group believe the momentum selloff is nearing its end and recommend gradually increasing positions; however, BTIG warns that the rebound has reached a critical resistance zone and market breadth remains weak, advising investors to reduce exposure on rallies. Bond yields rose in tandem, with earnings season emerging as the next key variable.

wallstreetcn09:21

Alarm bells ring! U.S. long-term Treasury yields hit a two-month high...

① With the Federal Reserve's July monetary policy meeting now one week away, U.S. long-term Treasury bonds faced renewed selling pressure on Tuesday (July 21), pushing yields on 10-year and 30-year Treasuries to their highest levels in approximately two months; ② A sharp surge in oil prices intensified market concerns over inflationary pressures, triggering fears that the Fed might resort to interest rate hikes.

cls.cn08:35