SCOREBOARD: House party

Wall Street rallied and US bond yields surged following the strongest American house price rise in seven years.

In an action that has probably locked out any chance of a significant near-term QE tapering, US bond yields surged overnight, the 10-year up 17 bps to 2.17 per cent, which is the highest rate since April 2012. Solid growth momentum, rising inflation, the fact that the Fed is monetising its deficits – there is no shortage of reasons to see bond yields spike. I wouldn’t touch a fund invested in them.

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