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Story summary
- The Federal Reserve (Fed) raised rates for the first time since 2023 to cool the economy.
- U.S. 10-year Treasury yields climbed to 5.21%, pushing 30-year mortgage rates to 7.45%.
- Markets assign roughly 70% odds to another Fed hike in October.
- Optimists point to AI-driven $800 billion capex this year and $1.1 trillion in 2027.
- Pessimists warn the deficit, Iran war and AI spending could boost the term premium.
