US equities remain remarkably resilient despite Treasury yields around 5%, oil above US$100 and the Federal Reserve raising interest rates again. Elsewhere, the Bank of Japan and Reserve Bank of Australia are also tightening policy, while investors await a potentially consequential meeting between Donald Trump and Xi Jinping. With gold pushing back towards US$4,400 an ounce despite a stronger dollar, are markets underestimating the risks from higher rates and geopolitical uncertainty?


Image Credit: Shutterstock

US equities remain remarkably resilient despite Treasury yields around 5%, oil above US$100 and the Federal Reserve raising interest rates again. Elsewhere, the Bank of Japan and Reserve Bank of Australia are also tightening policy, while investors await a potentially consequential meeting between Donald Trump and Xi Jinping. With gold pushing back towards US$4,400 an ounce despite a stronger dollar, are markets underestimating the risks from higher rates and geopolitical uncertainty? Image Credit: Shutterstock

Dovish or hawkish? Over or underweight? Bull or Bear? Investor paralysis? We speak to leading local and foreign analyst to find out how the different asset classes and markets will react to the latest news, results and even geopolitical events.

Dovish or hawkish? Over or underweight? Bull or Bear? Investor paralysis? We speak to leading local and foreign analyst to find out how the different asset classes and markets will react to the latest news, results and even geopolitical events.

Market Watch

Are Markets Too Calm About Higher Rates?

Despite a temporary US-China agreement on reciprocal tariff reductions and 10-year Treasury yields reaching 5.23%, global markets face mounting pressure from sticky inflation and rising geopolitical tensions. Laurent Lequeu, Independent Market Analyst and Writer of The Macro Butler newsletter, joins The Morning Run to discuss how capital is reacting and why the current trade truce may break down after the US midterm elections. 

Laurent also examines why the Federal Reserve is likely to prioritise sticky inflation over employment numbers with another potential rate hike, whether stock valuations can remain resilient against 5% yields, and why physical gold and real assets remain prime hedges as distrust in government debt and dollar weaponisation grows.

Despite a temporary US-China agreement on reciprocal tariff reductions and 10-year Treasury yields reaching 5.23%, global markets face mounting pressure from sticky inflation and rising geopolitical tensions. Laurent Lequeu, Independent Market Analyst and Writer of The Macro Butler newsletter, joins The Morning Run to discuss how capital is reacting and why the current trade truce may break down after the US midterm elections. Laurent also examines why the Federal Reserve is likely to prioritise sticky inflation over employment numbers with another potential rate hike, whether stock valuations can remain resilient against 5% yields, and why physical gold and real assets remain prime hedges as distrust in government debt and dollar weaponisation grows.

Will US-China Truce Break After US Midterm Elections?

Market Watch - Sep 25, 2026

The Fed has raised rates and says they'll stay high for longer, and Treasury yields are at levels not seen in years. So is that bad news for stocks, and does the AI growth story still hold up? We speak to Patrick Chang, Chief Investment Officer, Segments & Propositions at CIMB, about what's changed in his outlook, how he's thinking about diversification and hedging, and the indicators he's watching over the next few months.



Click here to find out more about CIMB Chief Investment Office.

The Fed has raised rates and says they'll stay high for longer, and Treasury yields are at levels not seen in years. So is that bad news for stocks, and does the AI growth story still hold up? We speak to Patrick Chang, Chief Investment Officer, Segments &amp; Propositions at CIMB, about what's changed in his outlook, how he's thinking about diversification and hedging, and the indicators he's watching over the next few months.Click <a target="_blank" rel="noopener noreferrer nofollow" href="https://cio.cimb.com/?u=MTA1MTkzOjEwMA==">here</a> to find out more about CIMB Chief Investment Office.

Are Markets Too Calm About Higher Rates?

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