Bonds & Stocks
The global bond selloff resumed on Monday, with 10-year Treasury yields rising to the highest since 2007, as investors waited for a speech by Federal Reserve chief Jerome Powell to provide clues on the direction of interest rates. Treasury 10-year yields rose more than six basis points to 4.64%, while contracts on the US S&P 500 and Nasdaq 100 indexes slid, giving up earlier gains that were fueled by relief lawmakers had reached a deal over the weekend to avoid a government shutdown.
Economy
When everyone expects a soft landing, brace for impact. That’s the lesson of recent economic history — and it’s an uncomfortable one for the US right now. A summer in which inflation trended lower, jobs remained plentiful and consumers kept spending has bolstered confidence — not least at the Federal Reserve — that the world’s biggest economy will avoid recession.
World
Vietnam police are seeking assistance from investors in an ongoing investigation into real estate firm Van Thinh Phat Holdings Group that allegedly defrauded and appropriated more than 30 trillion dong ($1.2 billion), according to a statement on the government’s website. Some 42,000 investors lost money, according to the investigation, the statement said. The Ministry of Public Security detained the company’s Chairwoman Truong My Lan last year for allegedly obtaining property through fraudulent means.