For much of the year the bond market has been embracing expectations that the Federal Reserve’s interest rates increases have peaked, or were about to peak. The underlying logic centered on the ongoing slide in inflation following 2022’s spike. Inflation has continued to ease, but the market has continually discovered that the future’s still uncertain as the Fed pushed ahead with more hikes.

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* Fed official says “I think we’re a long way away from cutting rates”
* US real Treasury yields approach 14-year high
* China home prices drop for second month in July as sector’s headwinds build
* US homebuilder sentiment eases in August–first setback in 10 months
* New York Fed manufacturing activity fell more than forecast in August
* US retail sales rise more than forecast in July, advancing for fourth month:

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