Rates keep going up': Fed minutes, Waller and the case for another hike

• Fed minutes confirm unanimous support for the September rate hike, with several participants foreseeing another hike in 2026 and market pricing in high odds for an October hike.
• Global 10-year bond yields are rising across the UK, US, France, Germany, and Japan, driven by inflation, geopolitical risks (e.g., potential US strikes on Iran), and central bank policy tightening.
• Despite tech sector gains, other major sectors like Communications, Healthcare, Energy, Industrials, Consumer Discretionary, and Financials are experiencing declines, suggesting a lack of broad market strength.

The discussion centers on the Federal Reserve's September meeting minutes, indicating broad support for rate hikes and the likelihood of further increases. Global bond yields are pushing higher due to factors like the AI CapEx cycle, geopolitical tensions, and central bank policy shifts. While tech stocks show resilience, other sectors are struggling, pointing to a narrow market rally and underlying economic pressures.