Markets in a Minute is a monthly update produced by RBC Brewin Dolphin, providing a concise overview of key market developments and the themes shaping the current investment environment.
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Janet Mui, Head of Market Analysis, discusses why oil is only part of the story behind surging bond yields, and what’s really driving them higher.
Key Highlights
Global bond yields surged, as higher oil prices and hawkish central banks added to inflation concerns, but structural factors are at play too.
The European Central Bank raised rates to 2.5% and revised up its inflation forecasts. Markets expect more rate hikes to come.
U.S. inflation in August was broadly as expected but monthly core CPI came in above estimates. This CPI does not yet capture the latest surge in oil prices as much of that happens in September.
