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The yield on a 10-year Treasury reached 5% for 1st time since 2007. Why that matters_我的网站

A |     NEW YORK -- The yield on the 10-year Treasury has reached 5% for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50% during the spring and from just 0.50% early in the pandemic. Monday morning, the yield on the 10-year Treasury was at 4.96% after hitting 5.02% earlier. The jump means the U.S. government must pay more to borrow money from investors to cover its spending.It also directly affects people around the world, because the 10-year Treasury yield is the centerpiece of the global financial system and helps set prices for all kinds of other loans and investments. Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers. Higher yields mark a sharp turnaround for a generation of consumers and investors who have known pretty much just low yields, as central banks kept benchmark interest rates pinned at nearly zero. Such low rates let people borrow money more easily, which helped economies to strengthen following the 2008 financial crisis, the European debt crisis and other maladies including, most recently, the COVID-19 pandemic. The low rates led to rising prices for houses, stocks and other investments, but they may also have encouraged too much risk-taking and spurred investment bubbles.Now, central banks are more concerned with getting high inflation under control. To do that, they raise interest rates and hope the higher costs to borrow will starve inflation of its fuel by bringing down spending. The Fed's main interest rate affects extremely short-term loans, those that banks charge overnight. The Fed has already pulled its federal funds rate to the highest level since 2001, and it's debating whether to hike it one more time. Either way, it's signaled plans to keep rates high for a while to successfully suffocate inflation. The 10-year Treasury yield has been catching up to the Fed's main interest rate after a string of reports has shown the U.S. economy remains remarkably resilient. While that calms worries about a possible recession caused by high rates, it could also keep upward pressure on inflation and shorter-term rates. Federal Reserve Chair Jerome Powell said Thursday that many other factors could be contributing to the swift rise in the 10-year Treasury yield. They include the U.S. government's big deficits, which require more federal borrowing, and the Fed's ongoing efforts to reduce its trove of bond investments built earlier to keep yields low. On the wonkier side, bond prices have also been falling in tandem with stock prices more often than they used to. That's unnerving for investors who usually see bonds as the safer part of their portfolios, and it could be pushing them to demand higher yields to own them.The rise in the 10-year Treasury yield most directly means the U.S. government has to pay more to borrow money for 10 years. But because the 10-year yield is the reference point for financial markets, it also quickly filters out into all kinds of loans. Even for companies with the best credit ratings, the interest rates they borrow at are set by adding some extra on top of whatever the U.S. government is paying for its Treasurys. Borrowers with worse credit ratings have to pay more extra than those seen as good bets to repay their debts.More expensive borrowing keep U.S. households from spending as much and companies from expanding as much, which should eventually hit overall U.S. economic activity. More immediately, because a 10-year Treasury is seen as one of the safest possible investments on the planet, its yield swiftly sways prices for all kinds of investments. When a super-safe Treasury is paying much more in interest, investors feel less need to pay high prices for a Big Tech stocks, cryptocurrency or other investment that carries more risk. It's a big reason the S&P 500 has seen its gain for the year so far tumble from 19.5% at the end of July to 10% as of Friday. Higher U.S. yields also attract more investments from abroad, which means investors are increasingly swapping their currencies for U.S. dollars. Since the end of July, the U.S. dollar has climbed roughly 4% against the euro, 5% against the British pound and 6% against the Australian dollar. While a stronger dollar helps U.S. tourists buy more stuff when they're abroad, it can also add financial pressure and heighten inflation for other countries, particularly in the developing world. Even for U.S. bond investors, the swift rise in bond yields has brought losses of their own. When new bonds are paying higher yields, it makes the older, lower-yielding bonds already sitting in investors' portfolios or mutual funds less attractive and knocks down their price.The largest U.S. bond mutual fund has lost roughly 3% so far in 2023 and is on track for a third straight yearly loss. That's never happened since its birth in 1987.。    Pope Francis’s July 24-29 tour of Canada included a long-overdue apology to Native Canadians for the Catholic Church’s central role in abuses perpetrated at the country’s network of residential schools.,The notorious boarding school system was funded and organized by Canada’s federal government and run by Catholic and Protestant churches. It oversaw the forceful and systematic assimilation, abuse, enslavement and even murder of Native Canadian boys and girls from the mid-19th to late 20th centuries. It was a particularly brutal and cruel, but by no means first or only, tool of oppression experienced by indigenous peoples during the European colonialists’ history in North America.,“I am here because the first step of my penitential pilgrimage among you is that of again asking forgiveness, of telling you once more that I am deeply sorry. Sorry for the ways in which, regrettably, many Christians supported the colonizing mentality of the powers that oppressed the indigenous peoples. I am sorry. I ask for forgiveness, in particular, for the ways in which many members of the Church and of religious communities cooperated, not least through their indifference, in projects of cultural destruction and forced assimilation promoted by the governments of that time, which culminated in the system of residential schools,” Francis said at the former site of the Ermineskin Residential School in Maskwacis, Alberta on July 25.,The pope assured his apology was “only the first step” of “a serious investigation into the facts of what took place in the past and to assist the survivors of the residential schools to experience healing from the traumas they suffered.”,Pope Francis Holds Mass in Quebec During Visit to Canada to Apologize to Indigenous Community28 July, 13:01 GMT,Assimilation,More than 150,000 Native children passed through the residential school system over its 160+ year history. Children were prohibited, often by physical punishment, from speaking their native languages, having their ancestors’ religious concepts replaced with Christianity, and facing their cultural traditions and social norms substituted for those of the colonialists.,The first experimental residential school was opened in Brantford, Ontario, in 1833, but the system only became a federally-mandated, national, industrial-scale tool of subjugation in the 1880s after Sir John A Macdonald, Canada’s first prime minister, ordered the commissioning of a report on the residential school system model being operated in the United States.,The report, entitled ‘Industrial Schools for Indians and Half-Breeds’, became the basis for Canadian state-church cooperation in solving the Indian “problem” by removing indigenous children from the influences passed down to them by their communities and family units.,© WikipediaIndian Residential School, (Fort) Resolution, Northwest TerritoriesIndian Residential School, (Fort) Resolution, Northwest Territories© Wikipedia,Along with forced assimilation, students were subjected to other forms of torment, including sexual abuse by priests and teachers, forced labor, and slavery. As of 2021, the National Center for Truth and Reconciliation has been able to identify 4,117 documented deaths of First Nations, Inuit and Metis children in residential schools. However, new graves continue to be discovered, and former Truth and Reconciliation Commissioner Murray Sinclair estimates that more than 6,000 children may have died in the residential school system over the period of its operation.,In his bombshell 2016 book “Murder by Decree: the Crime of Genocide in Canada,” writer and former United Church of Canada reverend Kevin Annett challenged the NCTR over its conservative estimates on the residential school deaths, detailing the commission’s suppression of eyewitness testimony and archival documentation, and estimating that the true death toll may have run in the tens of thousands. Annett documented how the system included a monthly “death quota” and involved the use of germ warfare, and believes that as many as 50,000 children may have perished in the residential school network.,Exploitation,Residential schools were by no means the first instance of settlers’ mistreatment of Canada’s indigenous population, with Britain’s victory against the French in the North American theater of the Seven Years’ War of 1754-1763 sealing their fate of subjugation and colonial land grabs, as well as the relentless and cynical exploitation of the most loyal tribes.,At the conclusion of the war in 1763, King George III issued a royal proclamation declaring all lands west of the Appalachian Mountains and the colonies of what would ultimately become the early United States as Native territories, outlawing their settlement or purchase by colonialists, and requiring treaty negotiations for any changes to the arrangement. In Canada –organized from the remnants of New France under the name ‘Quebec’, lands to the west and north of the colony were proclaimed Indian territory.,Centuries later, scholars continue to fiercely debate the correct interpretation of the proclamation, and whether it was meant as a permanent guarantee of Native rights to lands beyond the then-existent colonies, or a mere opportunity for colonists to catch their breath before continuing an aggressive push west.,© Photo"The British Governments in Nth America Laid down agreeable to the Proclamation of Octr. 7, 1763," Gentleman’s Magazine (London, 1763)"The British Governments in Nth America Laid down agreeable to the Proclamation of Octr. 7, 1763," Gentleman’s Magazine (London, 1763)© Photo,Even as colonists repeatedly broke the 1763 treaty’s terms throughout the rest of the 18th and 19th centuries through wars of aggression and by taking advantage of divisions within Native tribes through cunning and trickery, many Natives remained loyal to the Crown.,Perhaps nowhere was this better exemplified than in the story of Joseph Brant, an 18th-century Mohawk military and political leader who led his warriors in defense of the British Empire during the American Revolutionary War of 1775-1783, and whose efforts proved decisive in halting an American advance into what is now Canada.,In return for the loyalty shown by Brant and his fellow Mohawks, Quebec Governor Sir Frederick Haldimand promised that after the war, his people would be granted more than 8,090 square km of land around the Grand River Basin in southern Ontario. However, after the war ended in 1783, the settlers would gradually chip away at their commitments, with the Native-administered area now known as the Six Nations Reserve shrinking to just 183 square km of land, two percent of what Brant was originally promised.,Brant’s story was repeated in one form or another throughout the 19th century, and today just 0.36 percent of Canada’s total landmass has reserve status for its Native communities.,© Wikipedia / National Archives of CanadaJoseph Brant, watercolour by William ArmstrongJoseph Brant, watercolour by William Armstrong© Wikipedia / National Archives of Canada,Discrimination,Notwithstanding decades of recognition by successive governments of the historical injustices done to indigenous people, and lip service to improving their social and economic standing, Canada’s community of 1.67 million Natives continues to struggle with a broad spectrum of problems more typically characterizing countries of the so-called Third World than of a thriving, highly developed First World nation.,The Council of Canadians estimates that some 73 percent of First Nations’ water systems are at medium or high risk of contamination, with dozens of indigenous communities still lacking basic access to clean drinking water, despite billions of dollars in aid doled out by Ottawa every year to developing countries, and over a billion dollars in support sent to Kiev this year amid the Ukrainian security crisis.,Along almost every social indicator, from poverty and access to housing to crime, education, and healthcare, Native communities continue to rank below other Canadians. Nowhere is this exemplified better than in average life expectancy. While other Canadian men and women live on average to an age of 79 and 84 years, respectively, among the First Nations, Metis and Inuit, these figures drop to 72.5 for men and 77.7 for women.。

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