Observed Signal · Sep 15, 2026 · Market Update · Source: Manager Magazin · Impact: 2/5 · Sentiment: Negative
Financials Market: Bond Selloff Pressures Real Estate Buyers in US and Germany
The global selloff in government bonds continues, with yields on 10-year US Treasuries climbing to 5.025%, the highest since the 2007 financial crisis. This has led to a notable shift in foreign investor behavior, as they now prefer US equities over bonds, a rare occurrence. Concerns about inflation due to the Iran war and the growing US debt have fueled the selloff. Rising yields have directly impacted mortgage rates, pressuring property buyers in the US and Germany. Hedge funds now hold a record 7% of the US Treasury market, while the Federal Reserve is expected to raise interest rates. The credibility of the Fed is being questioned, and the situation poses challenges for President Trump ahead of midterm elections.
The bond selloff and rising yields have direct implications for advertising budgets and the broader economy, but this article is primarily about financial markets, with only indirect relevance to AdTech/MarTech.
Wichtigste Kernpunkte & Evidenz
- Yields on 10-year US Treasuries reached 5.025%, the highest since the 2007 financial crisis.
- Foreign investors are now buying more US stocks than government bonds (US equities: 2.8% of US GDP vs. bonds: ~2%).
- Hedge funds have more than doubled their holdings of US Treasuries over the past five years, now holding a record 7% of the market.
- Rising bond yields have pushed US mortgage rates toward 4.5%, according to FMH-Finanzberatung founder Max Herbst.
- The Federal Reserve is expected to raise interest rates, while the EZB has already done so.
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