The global bond market took a breather on Wednesday, with yields retreating slightly from multi-decade highs as markets focus on the Federal Reserve meeting minutes.

智通财经2026/08/19 10:11

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After the sharp sell-off on Tuesday, the global government bond market stabilized on Wednesday, with yields dipping slightly from multi-decade highs. Investors took a brief pause ahead of the release of the US Federal Reserve's July meeting minutes, while US Treasury futures trading volume showed active trading during the early session.
In the oil market, dim prospects for peace talks in the Middle East pushed oil prices higher for the fourth consecutive day, with Brent crude returning above $90 per barrel. Rising energy prices are putting upward pressure on inflation expectations in the bond market, becoming a key factor limiting the potential for yields to move lower.
News from Japan and the United Kingdom also influenced market sentiment. Bond sell-offs in Japan may push debt financing costs above government estimates, and in the UK, July’s inflation rate rebounded to 2.9% due to surging energy bills. Macro pressures facing global sovereign bonds have not truly subsided.
On the supply side, the US Treasury will auction $72 billion of 17-week Treasury bills and $16 billion of 20-year Treasury bonds today. Primary market supply, combined with discussions of rate differences in the meeting minutes, will serve as a key variable to test the market's absorption capacity.

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