The US 10-year Treasury yield is testing its lowest level since the tariff tantrum in April. The benchmark rate closed down on Tuesday, settling at 3.97%.
Risk-On Sentiment Persists For Global Strategies
Despite worrisome headlines, high valuations in some markets, and elevated policy uncertainty, the appetite for risk remains strong, according to a set of ETFs through Monday’s close (Oct. 20).
Macro Briefing: 21 October 2025
The US and Australia signed a deal on critical minerals for projects worth up to $8.5 billion. The deal is expected to help the US reduce its dependence on China, which dominates the global rare earth supply chain. An ETF that targets these commodities is trading near a 1-1/2 year high:
Will Friday’s Delayed CPI Report Derail The Fed’s Rate Cut Plans?
Markets continue to price in high odds that the Federal Reserve will cut interest rates again next week. The question for Wall Street: Will the delayed consumer inflation report, scheduled for Friday (Oct. 24), play along?
Macro Briefing: 20 October 2025
US third-quarter GDP is on track to rise 3.9%, based on the Atlanta Fed’s revised nowcast published on Friday (Oct. 17). If correct, the increase will tick above the strong 3.8% increase reported for Q2. The government’s Q3 GDP report is scheduled for Oct. 30, but the release could be delayed if the government shutdown continues.
Book Bits: 18 October 2025
● 1929: Inside the Greatest Crash in Wall Street History–and How It Shattered a Nation
Andrew Ross Sorkin
Interview with author via CBS News
After nearly a decade spent studying the most famous stock market crash in history, financial journalist Andrew Ross Sorkin warns that the Wall Street of today echoes the market of 1929, when highs preceded a massive slump, leading to the Great Depression.
Artificial intelligence and technology have contributed to a remarkable boom in recent years. But, Sorkin said, today’s economy is being propped up by the AI boom, and it’s too soon to tell if this is a sugar rush, a short-term and unsustainable boost to the markets. But, Sorkin is positive there’s a crash coming.
“I just can’t tell you when, and I can’t tell you how deep,” he said. “But I can assure you, unfortunately, I wish I wasn’t saying this, we will have a crash.”
Market Premium For 10-Year Treasury Yield Falls To 12-Month Low
The spread for the US 10-year Treasury yield over a “fair value” estimate has narrowed to the smallest gap in a year, based on the average estimate for three models run by CapitalSpectator.com.
Macro Briefing: 17 October 2025
US stocks fell on Thursday amid growing concerns about regional bank loans. “Credit quality worries are plaguing Wall Street today as fears mount that there are multiple large lenders with heavy exposure to problematic loans with limited collateral,” said José Torres, senior economist at Interactive Brokers. An ETF targeting regional bank stocks (KRE) dropped 6.2% yesterday, closing at the lowest level since August.
High-Beta Stocks Take The Lead For Equity Risk Factors In 2025
A handful of equity risk factors are outperforming the broad stock market this year, and within the elite winner’s circle so-called high-beta shares are leading the field, based on a set of ETFs through Wednesday’s close (Oct. 15).
Macro Briefing: 16 October 2025
US to take control of more companies as counter to China’s dominance in rare earth supplies, which are critical for a range of industries. “When you are facing a nonmarket economy like China, then you have to exercise industrial policy,” Treasury Secretary Bessent said. “So we’re going to set price floors and the forward buying to make sure that this doesn’t happen again and we’re going to do it across a range of industries.” An ETF targeting companies in the rare earth industry fell on Wednesday after trading at a record high the previous day.
