Bonds & Stocks
A flare-up in geopolitical risks sent stocks and bonds lower as oil jumped, raising concerns about inflationary pressures that could make the Federal Reserve raise interest rates. The S&P 500 fell 0.3%. The yield on 10-year Treasuries advanced three basis points to 4.75%.
Economy
US Treasury Secretary Scott Bessent’s interventionist summer has already led to pushback and questions about his credibility in financial markets. Now he faces a test with global peers. Ahead of the meeting of Group of 20 finance ministers in Asheville, North Carolina, on Monday, Bessent has vowed to return the conversation among the world’s top economic policymakers to the core subject of boosting growth. “We are really pushing an American growth agenda for the rest of the world,”
World
The US and Iran exchanged strikes for the first time in about a month as American forces hit an island in the Strait of Hormuz and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan.