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US 10-Year Yields Top 5% as Micron Earnings and Tesla Deliveries Set the Tone for Growth Equities
Rate hike bets build as the 10-year Treasury yield hits its highest since 2007. Get the key developments to watch: PCE, payrolls, Micron earnings, Tesla deliveries and the SEC’s latest move on tokenized stocks.
The 10-year Treasury yield rose 29 basis points last week to 5.24%, its highest since 2007, after Federal Reserve officials signaled further tightening and a five-year auction drew soft demand. Gold, credit and equities weakened with it, and fed funds futures now lean toward an October hike.
Wednesday's August PCE report and Friday's September payrolls are the last major inflation and labor readings before the October 27-28 FOMC meeting. In equities, Micron reports on Wednesday after this year's rally, and Tesla's third-quarter deliveries arrive Friday with the stock below its long-term trend. Separately, the SEC's September 17 exemption sets conditions for US venues to trade tokenized shares on-chain.
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