Weekly Headlines
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30-Year Treasury Yield Hits Highest Level Since 2007
The U.S. 30-year Treasury yield surged above 5.2%, reaching its highest level since 2007 as a global bond sell-off gathered momentum. Rising yields reflect growing pressure from inflation concerns, large deficits, and the continued expansion of government borrowing.
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Gold Is Back on the Rise And Silver Is Stealing the Show
Gold is gaining momentum again, rising roughly 10% over the past month as investor interest in precious metals picks up. But silver has moved even faster, climbing about 16% in the same period. The article points to growing industrial demand, continued supply constraints, and renewed interest in metals, paying particularly close attention to silver.
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U.S. Budget Deficit Surges to $432 Billion in July
The U.S. government ran a $432 billion budget deficit in July. The largest monthly shortfall since March 2021. That brings the deficit for the fiscal year to roughly $1.8 trillion with two months still remaining. Persistent deficits mean more government borrowing, which can put upward pressure on interest rates and borrowing costs throughout the economy.
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Veteran Wall Street Strategist Turns Bullish on Gold
Veteran commodities strategist Jeff Currie has changed his outlook on gold, moving from bearish to bullish as central banks continue to accumulate the metal. Currie points to strong buying from emerging-market central banks looking to diversify their reserves, a long-term source of demand that he believes could continue supporting gold.
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Gold Breaks Out With Its Best Week Since February
Gold gained nearly 7% in the last week, climbing to a seven-week high. A 4% surge on Wednesday marked its biggest one-day jump since February. The rebound has put gold in focus as analysts assess whether the recent pullback may be reversing.
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Inflation Expected to Tick Back Up in July
After an unexpected decline in June, consumer prices are expected to rise again in July. Economists forecast CPI will increase 0.1% for the month, with annual inflation at 3.4%, still well above the Federal Reserve's 2% target.
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July Jobs Report Delivers an Unexpected Surprise
The U.S. economy lost 23,000 jobs in July, far below economists' expectations for a gain of 95,000. May and June job growth was also revised down by a combined 103,000 jobs, adding to signs that the labor market may be losing momentum.