Jul 22, 2026 · 0 min · 10 segments
In the latest episode of Rate Check, the hosts are joined by Francis Yared (Global Head of Rates Research) and Mallika Sachdeva (Head of FX Thematics). They discuss recent developments in global…
Francis YaredGuest
Mallika SachdevaGuestHenry AllenHost
Shreyas GopalHost
Busy times in markets, once again, with oil on the march higher, some toughness in tech stocks, but a lot of different things going on.
Why don't you walk us through some of the key themes and what clients have been asking over the past couple of weeks?
So the big thing that we've seen change is the major escalation in the Middle East, where the US and Iran have resumed strikes on each other and the trade war moves that had shown signs of reopening is now functionally shut again.
So we've seen a big increase in oil prices currently at time of recording around $99 a barrel for Brent again.
And markets are now actually pricing in a 38 percent chance that the Fed might even hike at next week's meeting.
And with those inflation fears mounting, unsurprisingly, perhaps sovereign bond yields in several countries are at multi-year highs this morning.
So actually this morning, the German 10-year bond yield hit 3.2 percent for the first time since March.
2011, and currently the 10-year Treasury yield is around its highest level since early 2025.
So with rates generating a lot of headlines, it's very appropriate that today we're joined, among others, by our global head of rates research, Francis Yarratt.
Busy times in markets, once again, with oil on the march higher, some toughness in tech stocks, but a lot of different things going on.
Why don't you walk us through some of the key themes and what clients have been asking over the past couple of weeks?
So the big thing that we've seen change is the major escalation in the Middle East, where the US and Iran have resumed strikes on each other and the trade war moves that had shown signs of reopening is now functionally shut again.
So we've seen a big increase in oil prices currently at time of recording around $99 a barrel for Brent again.
And markets are now actually pricing in a 38 percent chance that the Fed might even hike at next week's meeting.
And with those inflation fears mounting, unsurprisingly, perhaps sovereign bond yields in several countries are at multi-year highs this morning.
So actually this morning, the German 10-year bond yield hit 3.2 percent for the first time since March.
2011, and currently the 10-year Treasury yield is around its highest level since early 2025.
So with rates generating a lot of headlines, it's very appropriate that today we're joined, among others, by our global head of rates research, Francis Yarratt.
The rest of this transcript — segmented and speaker-labeled, so you land on the exact moment something was said
Search every transcript — by keyword, by phrase, or by meaning, across every show Radar indexes
Trends — what is surging across podcasts, measured against its own baseline
Alerts — when a name you follow appears in a newly indexed episode
No account is needed to search Radar.