Oct 2, 2026 · 7 min listen · Last updated October 2, 2026
From storyflo. This is your daily audio brief. Mason. October 2nd. Markets desk — five stories, watch the tape, ignore the noise. Let's get into it. First, from Morning Brew. The global bond rout deepens. Government debt is getting dumped like it forgot your birthday.
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Daily Finance & Markets Brief · October 2nd
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The global bond rout deepens
Government debt is getting dumped like it forgot your birthday. Bond yields around the world hit new multidecade highs yesterday as investors—concerned by inflation and rising fiscal deficits—continued a monthslong, volatile sell-off. Some of yesterday’s spikes reversed course within hours, but at their peaks: - The yield on 10-year US Treasury notes hit 5.34%, a level last reached in 2002. - France’s 10-year yield also rose to its highest point since 2002. - Britain’s 30-year yield surpassed 6%, which hasn’t happened since 1998.
They're "Losing Control" As Interest Rates Crush The System
David Morgan breaks down the recent surge in Treasury yields and warns that further increases could put significant pressure on housing, commercial real estate, consumers, and the broader economy. He discusses the possibility of the 10-year Treasury yield reaching 8% and explains why the bond market may be gaining greater influence over interest rates. Morgan also examines rising oil prices, refining bottlenecks, and how prolonged energy disruptions could contribute to a deeper economic slowdown.
Levy: Amid “True Investment Boom” Fed Must Hike to Keep Policy Rate at Neutral
Mickey Levy points to a 3% inflation rate, indicating it’s sticky and likely to persist. Consumer spending is up, showing a resilient economy, which he believes is driven by a significant investment boom, particularly in AI and infrastructure. This growth suggests the Federal Reserve needs to raise interest rates to keep pace with the natural rate, which is shifting higher due to this investment surge. Levy thinks the Fed might hold off on hikes until after the mid-term elections, but anticipates at least a couple more increases before year-end to adjust for last year’s cuts.
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Hegseth Reveals "AutoWarCom" As $74 Billion Drone Splurge May Ignite This Stock
Beyond nuclear, the "powering up America" theme, AI, and the more recent "own the bottlenecks" theme, we have also outlined incoming tailwinds for drone and counter-UAS companies as the Department of War adapts to the wars in Ukraine and the Gulf area. That requires massive drone stockpiling and the development of conflict-free supply chains.
GCash Owner Prices Record Philippine IPO of Nearly $1 Billion
Mynt Inc. priced its shares at below the maximum for what is set to be the Philippines’ biggest initial public offering, the nation’s first listing this year that could help revive a lackluster stock market.
Appetite for US Bonds as Safe Haven Rebounds After Global Yields Spike
The yield on the 10-year Treasury note hit a 24-year high of 5.34% before closing at 5.233% after a rebound. This shift has drawn in buyers, as the allure of US Treasuries grows amidst global bond market turmoil. A report showing slower-than-expected growth in US manufacturing suggests the Fed might hold off on further interest rate hikes, which could stabilize Treasury values.
Meanwhile, concerns over fiscal issues in France have pushed investors towards US bonds, seen as a safer bet. Money managers are encouraging clients to re-enter Treasuries, and retail investors are responding; JPMorgan noted record inflows into long-term Treasury ETFs.
On a related note, rising bond yields are impacting the housing market, with the average 30-year fixed mortgage rate climbing to 7.28%, the highest in four years.
For listeners who want low-fee crypto exposure, our markets partner Kraken supports BTC — link in show notes.
Accenture’s Strong Earnings Bring Welcome Good News for Software Stocks
Accenture reported earnings of $3.29 per share on $18.68 billion in revenue, surpassing expectations and sending its stock up 16%. This is a significant turnaround from earlier this year when concerns over AI and geopolitical tensions led to disappointing forecasts. Despite being down 18% year-to-date, Accenture's CEO, Julie Sweet, emphasized that demand is being driven by clients' needs for digital transformation and AI integration, with over 400 clients now engaging in advanced AI projects. Interestingly, Accenture was also selected by Anthropic to help implement safety measures in AI development, showcasing their evolving role in the tech landscape.
For listeners who want low-fee crypto exposure, our markets partner Kraken supports Bitcoin — link in show notes.
Sumitomo Mitsui DS AM Exits French Bonds on Fiscal Concerns
Sumitomo Mitsui DS Asset Management sold its entire holdings of French government bonds amid concerns about the nation’s fiscal situation, shifting funds to German bunds and short-term Japanese government bonds.
"The Cycle's TXU?": Paramount's Record Bond Offering Craters Before The Ink Is Dry
On Monday we flagged that September was shaping up as the worst month for junk since 2022. We also noted that Paramount's $12.4 billion high-yield tranche would be bigger than SoftBank's recently issued record $11 billion junk deal. The next morning the company kicked off the high-grade portion. By Tuesday afternoon it reported $109 billion of demand. With so much excess demand, the offering was supposed to fly off the shelves. It did not: the deal priced on Wednesday, the same day a judge accepted the states' settlement and the merger was scheduled to close on Oct. 6.
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