Japan’s weak Treasury bond auction is casting a shadow over upcoming debt sales next week. Lower demand typically means higher yields — and that pushes rates up.

Meanwhile, the UK surprised markets with hotter-than-expected inflation. Investors were expecting a drop, but instead, the 10-year gilt yield moved higher.

Since we’re all part of a globally connected bond market, U.S. yields are rising in sympathy — though the reaction here has been relatively muted.

As for the nine Fed members who spoke yesterday, they focused on rising unemployment, persistent inflation, and ongoing uncertainty around tariffs.

No indication of a Fed rate drop just yet.

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