Shanghai lockdown forces bankers to camp in offices
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 6 April 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
US and eurozone government debt sold off on Tuesday as traders weighed the prospect of stronger sanctions against Russia and comments from a top policymaker at the Federal Reserve signalling more aggressive action, President Joe Biden announces US, UK and Australia co-operation on hypersonic weapons, and in China’s financial hub, Shanghai, there are signs of growing public anger at the government’s stringent zero-Covid lockdown measures.
Mentioned in this podcast:
Government debt hit as traders weigh prospect of further Russia sanctions
Biden to announce US, UK and Australia co-operation on hypersonic weapons
Shanghai extends Covid lockdown measures despite economic concerns
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from a financial time. |
| 0:11.5 | Today is Wednesday, April 6th, and this is your FT News Briefing. |
| 0:19.2 | Government bonds continue to take a beating. |
| 0:22.1 | The US will work with the UK and Australia to develop hypersonic weapons, |
| 0:27.3 | plus we'll hear about what's happening in Shanghai where more than 25 million people are still |
| 0:32.8 | under a super strict COVID lockdown. I'm Mark Filipino and here's the news you need to start your day. |
| 0:42.2 | The yield on the 10-year treasury note climbed to its highest level in nearly three years. |
| 0:47.3 | Rising yields go along with falling prices, which means it was a very bad date for the 10-year |
| 0:52.4 | treasury. European government bonds also had a tough time. |
| 0:56.4 | Now, if you had to put a finger on each reason for the sell-off, you'd need your whole hand. |
| 1:01.3 | But there were a couple of factors in particular that really weighed on traders. |
| 1:05.9 | Here's our US Capital Markets correspondent, Kate Duget. |
| 1:09.9 | So the biggest reason yesterday was because of the Fed. We had Lail Brainerd, a Fed official |
| 1:15.8 | speak. She said that the Fed was going to start a, in her words, rapid reduction of its $9 trillion |
| 1:23.3 | balance sheet as soon as May. And this is in order to take sort of stronger action to |
| 1:30.0 | tighten financial conditions and to bring down inflation. |
| 1:34.7 | Okay, so going back to the sell-off, why did traders not like her comments? |
| 1:39.5 | So it's not as much about not liking it, but what happens is when the Fed reduces its balance sheet, |
| 1:45.4 | when the Fed sort of steps back from the market after having been the biggest buyer of |
| 1:49.6 | treasuries for a very long time now, the market is flooded with supply. So we have a ton of |
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