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Bond Market News
US Treasury yields rose by 2-3bp on Friday
September 7, 2026
US Treasury yields rose by 2-3bp on Friday. The US NFP for August, came in much stronger at 162k vs. expectations of 55k. Average Hourly Earnings YoY rose by 3.1% and the Unemployment Rate came in at 4.1%, both in line with expectations. Geopolitical risks continue to escalate as Iran said it struck three US-linked ships taking an unauthorized route through the Strait of Hormuz, retaliating against US attacks on Iranian tankers over the weekend. US President Trump intensified pressure on the Fed to cut rates, arguing that higher interest rates put the US at a “very unfair disadvantage” and threatened to restrict trade with countries running trade surpluses with the US if rates remain elevated. Separately, Cleveland Fed President Beth Hammack noted that it is time for the US central bank to act to cool inflation. Hammack was among the three Fed members who dissented in July’s FOMC 9-3 vote.
Looking at equity markets, the S&P and Nasdaq ended lower by 0.4% and 0.3% respectively. US IG CDS spreads were 0.2bp tighter, and HY CDS spreads tightened by 1.2bp. US markets will remain closed today on account of Labour Day. European equity markets ended mixed. European IG CDS spreads were 0.3bp tighter, and Crossover spreads tightened by 2.1bp. Asian equity markets opened broadly lower this morning. Asia ex-Japan CDS spreads tightened by 0.8bp.
Rating Changes
- Teva Pharmaceutical Industries Ltd. Upgraded To ‘BBB-‘ On Expected Deleveraging And Financial Policy; Outlook Stable
- Fitch Upgrades Portugal to ‘A+’; Outlook Stable
- Senegal Foreign Currency Rating Lowered To ‘CC’, Local Currency To ‘CCC’ On Debt Restructuring Plan; Outlook Negative
- MasterBrand Inc. Outlook Revised To Negative From Positive; ‘BB’ Ratings Affirmed; Debt Recovery Rating Revised To ‘4’
- Moody’s Ratings changes Seplat’s outlook to positive from stable, affirms B2 rating
Term of the Day: Uitkoopprocedure
Uitkoopprocedure (squeeze-out) is a Dutch legal process which allows a shareholder holding at least 95% of stock to compel minority shareholders to sell their remaining shares. A court sets a fair price for the shares and often appoints an independent expert to calculate this value. Minority shareholders can object if the transfer causes them severe material damage or if special voting rights protect them.
Talking Heads
On CPI Looms Even Larger After Jobs Beat – Jeff Rosenberg, BlackRock
“This kind of confirms what we’ve known about the labor market and puts the focus and the onus back on the inflation… It’s really about inflation going up or not going down fast enough as to whether or not the Fed hikes in the September meeting.”
On EM Real Interest Rates – Chris Kushlis, T. Rowe Price
“With inflation still contained and growth close to or slightly below potential in a number of EM economies, local rates should also be relatively well anchored in the face of the developed-market bond selloff.”
On A Bond Crisis Is When Central Banks Step In – Eiko Sievert, Scope Ratings
“The central bank obviously has the target of inflation and of employment in the US but if that spreads onto the fiscal side — that basically to keep those two mandates, we now need to intervene in favor of the fiscal side — that indicates that we’ve got a failure of fiscal policy… That would be a sign of moving towards a crisis.”
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