Report published September 24, 2026
Paul Donovan's Daily Audio: In Bondage? – UBS Macro & Bond Market Commentary
UBS · September 24, 2026
US 10-year Treasury yields have pushed above 5% and USD/JPY has surpassed 158 amid inflation worries and policy uncertainty. Markets are monitoring the Trump-Xi summit, rumors of a US diesel export ban, and a packed slate of central bank speeches.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.US 10-year Treasury yields surged above 5% and USD/JPY rose past 158 as multiple market concerns gathered.
- 2.The bilateral summit between Presidents Trump and Xi is unlikely to deliver major surprises beyond extending the trade truce and capping US tariffs.
- 3.Potential US diesel export ban proposals carry inflation risks for markets, even though Energy Secretary Wright cautioned it would fail to reduce prices.
Report data
Listen to today's 24 September update
| Metric | Estimate | Context |
|---|---|---|
| US 10-year Treasury bond yield | 5.0% | Yields moved sharply above 5% |
| USD/JPY exchange rate | 158.0 | Exchange rate is back above 158 |
| Rise in US Treasury bond yields | 0.15 percentage points | Yield increase noted as scary for Gen Z traders and mild for Gen X traders |
Reports in this series
Paul Donovan's Daily Audio is shown in chronological order through this edition, published on September 24, 2026.
Part of the Paul Donovan's Daily Audio series — view all 43 editions
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