BABA
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22 hours ago
A 20-year government bond auction attracted a record yield of 5.420%, breaking the October 2023 high—a weak auction (the largest tail risk since 2024, with indirect bid share hitting a record low).
The market now prices in over a 90% probability of a rate hike at 2 AM tomorrow, marking the first increase in three years.
Long-term bond auction prices have been hammered; with the odds of a rate hike jumping, the future of the stock market remains unclear.
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