Global Markets, Rates, Fiscal Stress and AI Concentration Risk

Bond-market stress remains intense: the 10-year Treasury yield reportedly reached 5.34% and the 30-year 5.67%, while oil-driven inflation, heavy issuance, fiscal concerns, and AI-related borrowing pressure risk assets. Semiconductor weakness has raised questions about AI-spending sustainability and data-center power constraints, though strong TSMC expectations and higher ASML guidance provide counter-signals. IMF warnings on hedge-fund leverage, nonbank intermediation, debt, and war-driven inflation reinforce risks of a fragile, slowing macro backdrop.