China Has Missing F-35 Parts, Bond Market Slide Deepens, More
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News When You Want It With Bloomberg News Now, I'm Amy Morris. The Chinese government has taken possession of potentially sensitive F-35 stealth aircraft parts that were inexplicably diverted to Hong Kong while being sent to the U.S. from Australia.
diverted or whether it was intentional. The parts, including a cockpit canopy and weapons bay door, are coated with radar absorbing material. China now has those parts and has not returned them. The Pentagon is working to get them back and is investigating the incident. At least two congressional committees are also investigating. This news comes on the eve of a summit in Washington between China's Xi Jinping and President Trump. Treasury is set to purchase up to six billion dollars of longer dated government debt as soon as tomorrow. This is part of Treasury Secretary Scott Besson's program to stem the rise in borrowing costs.
at four point eight nine percent, now the ten year Treasury yield at five point one percent And the 30-year Treasury yield is at 5.39%. It had gone as high as 5.4%, which is a new high for the 30-year yield.
What is the story behind China’s seizure of missing F‑35 stealth aircraft parts?
The yield on five-year Treasuries rose above 5% for the first time in almost 20 years.
And stocks joined bonds lower as higher oil prices stoked worries about inflationary pressures. We bring you those closing numbers each day here at Bloomberg. The SP fell 59 points, Nasdaq fell 263 points, and the Dow down 404 points. Fed Governor Michael Barr says there might be more rate hikes coming to get inflation back to the central bank's two percent target.
We want to support sustainable, durable growth in support of maximum employment, and price stability is crucial to that.
Barr described the economy as strong and the labor market as solid, but said inflation isn't trending toward target fast enough, and the risks to achieving that goal have increased. Now, speaking of the Fed, National Economic Council director Kevin Hassett says the Fed is unusually partisan, pointing to officials like Michael Barr and Jay Powell, who have not resigned.
I think that there's still some work to do to restore Fed independence, uh and I know that that's something that's high on the priority list for Kevin.
Hassett spoke at the Financial Markets Quality Conference in Washington, D.C. Turning now to Iran, President Masood Pazeshkian says his people have been victims of terrorism by the United States in a speech at the UN General Assembly. He says Iran will not allow free passage through the Strait of Hormuz while being hampered by sanctions.
We cannot let some have free access and gain their interest from a waterway while at the same time using that waterway. To impose their aggressions upon us, to impose insecurity upon us.
Secretary of State Marco Rubio says President Trump is still open to talks, but failing that
President has a number of options available to him, including the ones he's already taken, which is to impose severe and growing economic costs. But he also has some military options up upon which I won't speculate.
Crude oil is higher, WTI nearing $93 a barrel, Brant crude closing in on $104 a barrel, diesel now more than $650 a gallon, Ukrainian President Vladimir Zelensky urging the world's leaders at the UN General Assembly to keep choking Russia's revenues and impede its war efforts.
But will not pause the war. The newest proposal to help regulate the economic impact of artificial intelligence comes from Democratic Senator Mark Kelly of Arizona. The Make AI Work for Americans Act is designed to protect American workers and regulate the AI industry. It includes a digital ad tax and an AI usage tax to fund support for workers who are displaced by AI. Senator Kelly says now's the time to take action.
Іна, I think we need to establish a fond.
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