Breakfast Briefing | 20 May 2026 | Bond Markets Turn Angry

This morning's Breakfast Briefing leads with a significant move in global bond markets. The US 10-year Treasury yield has reached 4.67%, its highest point since 2023, while the 30-year yield is at levels not seen since 2007. Australia's 10-year bond yield opens at 5.10%.For property markets, the concern is real. Commercial real estate is already under pressure from weak demand. A sustained rise in the cost of long-term money could extend that valuation pressure across residential and commercial assets, both globally and here in Australia.On the data front, US private payrolls grew at a strong pace of 42,250 jobs per week in the four weeks to May 2. Japan's first-quarter GDP came in at 2.1% annual growth, ahead of the 1.7% forecast. Canada's April CPI printed at 2.8%, below the 3.1% expected, easing some pressure on the Bank of Canada.Domestically, the Westpac-Melbourne Institute sentiment survey reveals a striking generational divide. Baby Boomers and Gen X are deeply pessimistic. Millennials are mildly downbeat. Gen Z is net positive. Homebuyer sentiment has dropped sharply and job loss fears, while easing slightly, remain elevated.Gold is at 4,500 US dollars per ounce. Brent crude is at 110 US dollars per barrel. The Australian dollar is at 71 US cents. Bitcoin is at 76,771 US dollars.Full article and source links: https://www.interest.com.au/economy/670/bond-markets-turn-angry-us-payrolls-expand-canadian-inflation-less-expected-japan-gdp#BreakfastBriefing #BondMarkets #InterestRates #AustralianEconomy #RBA #Inflation #CommercialProperty #USPayrolls #Bitcoin #interestcomau