Angry investors protested outside a Chinese shadow bank that missed payments. The rare public show of dissent point to serious trouble in China amid debt and housing distress.

17 Aug 2023 - The yield on the US 10-year Treasury rose past the 4.25% mark in August, its highest since November 2007 as markets continued to fret about prolonged periods of restrictive monetary policy. Minutes from the FOMC&rsquo s latest meeting showed a broad consensus over the Fed&rsquo s 25bps rate hike, and officials stressed that there are upside risks to inflation that could warrant further monetary tightening, pressuring Treasuries in the secondary market. Still, members expressed some uncertainty over the extent of transmission lags, raising caution against overtightening from the Committee' s more dovish members. The minutes followed strong industrial growth data that defied the bearish momentum for the sector. Also pressuring bonds, remarks from Minneapolis Fed President Kashkari underscored the central bank&rsquo s concerns over inflationary risks. Yields also remained higher due to concerns of higher bond supply after the government increased the amount of debt auctioned at the beginning of the month.