Updated

Macro commentary published on September 12, 2026 focused on severe pressure in the U.S. government bond market, with analysts describing the week's move in Treasuries in stark terms and flagging the possibility that the Federal Reserve's next step could be interest rate increases rather than cuts. The same discussion highlighted disappointing corporate share buyback activity as a factor removing a source of demand from equities. Earlier reporting during the same period had already noted Treasury yields climbing to multiyear highs before pausing. The combination mattered because higher long-term yields raise borrowing costs for governments, companies and households, and typically compress valuations for long-duration assets such as technology stocks. A market narrative shifting from anticipated easing toward a potential hiking cycle would represent a significant repricing of expectations for Fed policy heading into the autumn. Together with signs of fiscal expansion and heavy Treasury issuance, the developments set the backdrop for U.S. and global markets in the second half of September 2026.