Good afternoon and welcome to Markets Desk.
The defining story of the week is the relentless sell-off in US Treasuries, with long-term yields hitting their highest levels since two thousand four as investors shed risk heading into the weekend. The ten-year yield touched five point two one percent Friday, pulling the thirty-year mortgage rate to seven point four five percent — levels not seen since two thousand seven. It marks the worst week for bonds since last year, and the pressure shows no sign of easing.
What makes this particularly striking is that soaring borrowing costs are doing almost nothing to slow the American economy. Investors and analysts say rising rates have so far failed to put any meaningful brake on activity, leaving the Federal Reserve in a difficult position — tightening financial conditions without achieving the cooling effect it needs.
Elsewhere in markets, the technical picture is mixed at the individual stock level. Iron Mountain crossed below its two hundred day moving average Friday, a line traders watch closely as a signal of shifting momentum. Acuity Brands managed the opposite move, crossing above its own long-term average — a rare bright spot in an otherwise defensive session.
That's the tape. Markets Desk, signing off the floor.
