In the United States, the strength of the economy and expensive oil cause a new surge in rates

Fifteen days have passed since US Treasury Secretary Scott Bessent challenged markets to “to bet” against him, and he must face the facts, he was taken at his word. The yield on ten-year US Treasury bonds reached 5.1% on Wednesday September 23, its highest level since July 2007, while the stock markets were looking gloomy – the S&P 500 index lost 0.75% at the close. “I am the bank now”, said the former manager of hedge funds (hedge funds). The bank is losing big, very big.

The cocktail that caused this new stampede on the bond markets is more or less the same as in previous weeks: degraded public accounts, worrying inflation and anticipation of an increase in key rates from the American Federal Reserve (Fed, central bank). A vicious circle that has derailed debt markets since the start of the school year.

On Wednesday, it was the publication of the purchasing managers index, a monthly indicator from S&P Global considered a reliable barometer of the economy, which lit the spark. It shows a strong acceleration in activity, particularly in manufacturing production, which in turn raises fears of new pressure on inflation, which is already very high. Especially since the rise in prices remains fueled by the surge in fuel costs: the barrel of Brent rose on Wednesday to around 100 dollars (around 88 euros), gasoline at the pump is approaching 4.50 dollars per gallon (3.78 liters) and diesel is breaking record after record, at 6.52 dollars per gallon.

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