US Treasury ‘real yields’ about to eclipse inflation expectations
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 19 April 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Bank of America gave a bullish revenue outlook as the second-largest US lender reported better than expected earnings, and Mexico’s opposition politicians helped defeat a radical energy reform bill backed by President López Obrador. Plus, the FT’s Eric Platt explains why real yields on US treasury bonds are nearing positive territory and what it means for other financial markets.
Mentioned in this podcast:
Fed policy tightening sends US ‘real yields’ to brink of positive territory
BofA offers rosy revenue outlook as lending rebound boosts results
Mexican president’s radical energy reform defeated in congress
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva, 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. |
| 0:09.7 | Good morning from the Financial Times. |
| 0:11.4 | Today is Tuesday, April 19th, and this is your FT News Briefing. |
| 0:18.5 | We're approaching a seminal moment in the world's biggest government bond market, |
| 0:22.8 | and US banks are seeing profit growth slow down, but Bank of America is surprisingly positive |
| 0:28.8 | about the rest of 2022. |
| 0:30.8 | Plus, Mexico's populist president wanted a more state-controlled electricity sector, |
| 0:36.3 | but it's Congress said, uh, no thanks. |
| 0:38.8 | We'll talk to our correspondent in Mexico City. |
| 0:42.4 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:51.2 | The federal reserve is raising rates, and it's causing real yields on US government |
| 0:56.3 | to potentially turn positive. |
| 0:58.8 | It'd be the first time since March 2020. |
| 1:02.0 | This would be a pretty big moment, and could ripple into other US financial markets. |
| 1:07.5 | To find out more, I'm joined by the FT's US markets editor, Eric Platte. |
| 1:11.0 | Hey, Eric. |
| 1:12.0 | Hey, how's it going? |
| 1:13.3 | It's going all right. |
| 1:14.4 | So, Eric, what are real yields? |
| 1:17.8 | Right, so the real yield is what you are being paid minus inflation. |
| 1:22.7 | So, in that number is negative. |
... |
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