Almost anywhere Wall Streeters looked yesterday, they saw trouble. To the East, a brewing trade war with Europe over the fate of Greenland. To the West, an all-time meltdown in Japan’s bond market. The result? Equities melted, the VIX jumped, gold soared and yields on America’s own government bonds leaped to recent highs. And it couldn’t have come at a worse time for Wall Street, which somehow — we’re honestly not sure how — made it into the New Year with a newfound sense of calm and serenity. Call it a d ...

1月20日，日本债券市场突现剧烈抛售，被交易员形容为"近年最混乱的交易日"。抛售潮从缓慢启动迅速演变为全面冲击，推动部分长期债券收益 率升至历史新高。 市场恐慌的核心直指日本首相高市早苗的减税增支计划，该方案引发投资者日本财政可持续性的深度担忧。日本为全球负债最重的政府之一。据 新华社报道，日本首相高市早苗19日在记者会上表示，将于1月23日解散众议院，并寻求选民授权以继续执政，于2月8日举行众议院选举，本届日 本国会众议院议员的任期原定于2028年10月届满。高市早苗在记者会上直言： "将结束过度紧缩的财政政策……必须摆脱过度紧缩的束缚，大胆投资风险管理。" State Street Investment Management高级固定收益策略师Masahiko Loo指出： "市场正在为日本版的'特拉斯时刻'定价。" "特拉斯时刻"一词源自英国前首相利兹·特拉斯。她在2022年因推出一系列缺乏资金来源的减税计划，引发英国债券市场剧烈抛售，最终导致其迅 速下台。 日本30年期与40年期国债收益率单日飙升超过25个基点，创下去年特朗普关税冲击全球市场以来的最大单日波动。与此同时，疲软的20年期国债 拍卖结果加剧 ...

Markets have been predicting another rate cut for weeks, but bond yields have been rising. The 10-year Treasury yield has steadily risen in recent weeks, and ticked up to 4.2% on Wednesday. Bond markets are telegraphing concerns about more inflation in the coming year. Markets think a rate cut on Wednesday is nearly a foregone conclusion, but bond yields are doing something strange. Despite a cut being priced in for weeks, US government bonds have been selling off, driving yields higher. The 10-y ...

Core Viewpoint - The dismissal of Federal Reserve governor Lisa Cook by President Trump over alleged mortgage fraud has led to market volatility, raising concerns about the independence of the Federal Reserve and its implications for monetary policy [1][6][7]. Market Reactions - Stock markets and bonds experienced a sell-off following the announcement, with US government bond yields rising, particularly the 30-year bond which surpassed 5.6%, nearing a 27-year high [3]. - The dollar initially dropped nearly 0.4% but largely reversed this decline, while gold prices spiked by 1% and maintained most of the overnight gain [4]. Federal Reserve Implications - Cook's potential dismissal would create another vacancy on the Federal Reserve board, which Trump is expected to fill with an economist favoring interest rate cuts [3]. - The current situation raises concerns about "intensifying fiscal dominance risks" within the Federal Reserve, as noted by Deutsche Bank forex strategist George Saravelos [7]. Independence of the Federal Reserve - Analysts suggest that Trump's actions may undermine confidence in the Federal Reserve's independence, which is crucial for maintaining transparent and rules-based capital markets [6]. - The attempted removal of Cook is described as unprecedented, potentially signaling the end of central bank independence in the US [7][8].