Global Central Banks Hold Steady as Inflation Fears and Trade Tensions Mount

The U.S. 30-year Treasury yield surged to 19-year high of 5.24% after the Federal Reserve held interest rates at 3.5-3.75% for a fifth consecutive meeting. Chair Kevin Warsh pledged the Fed "will not waver" in fighting inflation, but markets are pricing in a near-certain rate hike at September's meeting. The split 9-3 vote underscored deepening concerns that the central bank is falling behind the inflation curve.

Japan and South Korea Stage Rare...