US Yields Surge to Multi-Decade Highs, Pressuring Wall Street; Fed Policy in Focus

US Treasury yields climbed to multi-decade highs, with the benchmark 10-year note touching 5.3445%, its highest since 2002, as a bond selloff deepened. This pressured Wall Street's main indexes, despite gains in software stocks, as investors weighed inflation and government borrowing against interest-rate concerns. Expectations for the Federal Reserve to hold rates steady in October were tempered by the possibility of a December hike if inflation remains above target. The sustained rise in US yields and potential for tighter Fed policy could strengthen the US dollar, potentially putting downward pressure on international gold prices and influencing USD/PKR.

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