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Broad equity markets are on pace for three consecutive weekly declines as the Fed maintains a generally hawkish tone on inflation. Bears currently control the short-term trend but the primary bullish trend remains intact. The FOMC minutes from the most recent policy meeting in late July suggest the Open Market Committee still sees upside risks to inflation, which could require further tightening of monetary policy.

Long-duration Treasury yields have moved much higher in the past weeks on the back of market speculation around higher for longer rates and term premium normalization. Until this month, the 10-year treasury yield had struggled to stay above 4%. As of yesterday, the yield nearly breached the October 2022 intraday highs of 4.33%.

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