5:00 a.m. at cnbc. here is the top "five@5. investors bracing for the trading week to kickoff the back of the selloff markets testing thresholds futures are pointing to a muted open the fed also very much in focus for traders, but the atlanta fed president weighing in on the balancing act of tamping down inflation and preserving the economy his comments ahead. and a major election overseas in italy as the country prepares for the first far right government since world war ii. we are live on the ground with

reaction a c-suite takeover at unilever ceo planning to retire elon musk said to face-off with twitter lawyers as he faces tough questions over the failed bid to take the platform private. it is monday, september 26, 2022 you are watching "worldwide exchange" on cnbc. good morning i'm frank holland in for brian sullivan let's kickoff the hour with the check on the markets and money stock futures a bit muted. we are not seeing too much action in the futures. despite the selloff last week. you are seeing all three indexes flat at this time of day that can change as the morning continues. stocks coming off another tough week of trading with all three

indexes facing steep losses. the bond market very much in focus with recent dramatic moves among treasuries the 10-year treasury right now sit sitting at 3.77. something to watch big moves in the oil market as well wti right now below $80 a barrel that is something we have to watch. wti well above the high of the year we want to check in on crypto. we are keeping out eye on it bitcoin below 20,000 right now at $19,286 keep an eye on ethereum and xrp. up 40% for the month time to get worldwide with

julianna tatelbaum standing by with the latest moves overseas julianna >> frank, good morning let's kick off with the action in asia. it was red across the board in asian session following the st. louis osell off on wall street. in japan, the monetary policy outlook is different from what we see around the world. the bank of japan pledging to keep policy supportive just this morning, we have fresh lines from the bank of japan governor uncertainty is high, but we must keep ultra easy policy to support the economy. no change or stance there. in china, we saw the shanghai composite drop 1.2%. we saw strong action in the yuan hitting a 28-month low against the dollar

now on to european markets where we had a lot of action in two hours. in the last 20 minutes, things have turned positive we were trading lower in the early hour now the dax is up .40% cac 40 up .40% as well italian market out performance after the election yesterday in italy. the center right claim victory in the uk, ftse 100 is holding steady after the selling across the board on friday. now zooming in on the uk market. the focus today is squarely on sterling here is a picture of the british pound. we are now trading .80 lower that may be big, but at one point, we were down nearly 5%. sterling hitting the lowest level on record versus the dollar after the tax cuts announced on friday. frank, back to you >> thank you, julianna now turning attention back to wall street as investors

gauge the damage from friday's selloff. all three averages in the red with the yield on the 2-year treasury jumping to the highest since 2007 this after the third straight 75 basis point hike >> we need to have slowdown. there is no question about that. i do think that we're going to do all we can at the federal reserve to avoid deep, deep pain it will not be easy. there will likely be job losses. i think if you look at the historical history here and our economic experiences, there's a really good chance if we have job losses, it will be smaller than what we have seen than other situations. >> deep, deep pain possible job losses from raphael

bostic we have with us to talk about it is ben emons >> good to be here. >> there is a new focus on the bond market in recent weeks. especially with the yield curve inverting. 2-year treasury above 2.4% you are watching treasuries closely. you believe it is heading to the 4% number. >> it will be a negative for the markets. as you look at this overnight, it is well over 4% the currency crisis is unfolding and had a spill over on friday if you look at the back drop against inflation remaining high and that is committed to fight inflation. it drives up real rates higher the nominal treasury yield accounts for inflation that propels the dollar. frank, you can tell driving

higher interest rates or treasury yields will puncture the markets. look for 4%. >> we tested those lows last week you mentioned the uk tax cuts. after the tax cuts, we saw the dollar and sterling reach parity a lot of people consider that a sign with the euro and dollar reaching parity as well as a sign of recession in europe. how do you see this impact the markets? the dollar rising 7% this quarter alone. >> that is a major negative factor there is a lot of depth in dollar in emerging markets that's a lot of pressure the fiscal deficit combination in the uk gets worse a weakening pound and stronger dollar in emerging markets there is a big economic fact in the strong dollar.

that will continue to pressure markets into the quarter until it all settles out at some point this will fade as our economy is slowing down. fed governor bostic said this will slowdown and means a weaker dollar the pressure on real rates is high this is not a positive for markets. >> ben, a recent note, you said the 3.1% pce projection for 2023 reflects admission they will not reach the goal of getting inflation around 2%. with that admission, does that change the fed's hawkishness does this week's pce report impact the fed plans at all? >> it will, frank, because the projection is based upon that

they believe it can get inflation down from here we will have core pce around 5 and change to get to 3 is a big move down to get to 2% will take a couple of years to get there. they can take a victory there. we know from governor waller is saying we have to keep this going until we reach 2% then we will declare victory the projections show the idea that they do aim for the softish landing. they don't want to damage the economy so much with overtightening policy. on the other hand, they have more work to do at 3%. it is still a fight to get to 2% the fed will keep going until they reach 2%. >> ben emons, thank you for being here this morning. >> thank you. turning attention to the other top stories. we start off with elon musk. set to kickoff the sit down with

twitter lawyers over his bid to abandon the $44 billion takeover of the social media company. musk will have a deposition today and tomorrow and possibly wednesday ahead of the trial next month on the deal that will decide if the tesla ceo must go through with the takeover bid it is not known if musk will appear in person or video for the deposition unilever announcing plans by the ceo to step down from the company. alan jope will exit the role at the end of next year the board will start a search of internal and external candidates this after jope tried unsuccessfully to buy gsk this year credit suisse is on track with the review according to the reports. part of the strategy divestures.

it is working to return to profitability after a string of losses and missteps. credit suisse will report third quarter results next month. when we come back, oil fief facing pressure on the fall. and italy set to see the first female prime minister and far right leader in decades. what it means for italy. and lawmakers racing to avoid a government shutdown with mid-term elections a month away. details on the hurdles that may derail the deal. a very busy hour when "worldwide exchange" returns.

welcome back to "worldwide exchange." brent crude falling this morning amid the global recession fears. joining us now is viktor katona at kepler. >> thank you for having me this morning. >> i imagine your job is a lot tougher this morning we are cesend entering the part year where the gas is strongest and price fall in the fall why is this price action for oil

when it seems demand should ramp up is this all about the reduced demand in china? >> i would say macros are driving every commodity down with oil, it is counterintuitive you perfectly said supply/demand balance should suggest the winter and harvest season coming up and people are traveling in europe asia is picking up china is out of lockdown india out of monsoon season. everything is pointing to a bullish picture. we don't have that in the prices the prices just reflect the doom and gloom in the markets about what we will have in the future. they don't really reflect the short-term future overall. >> where do you see the prices going? we mention brent crude falling below $80 a barrel

in the near term, where are oil prices going >> the natural price would be between $90 and $100 that is the corridor most producers would be satisfied with, especially in the middle east wti at 78 and brent at 85, you have a situation where some countries in the gulf have oil prices below fiscal break even it is not a comfortable situation. they want oil prices to be above. that's a good enough level and we think that good enough level is between 90 and 100. >> you may have actually answered my next question. we have a big opec plus meeting coming up. they are looking to get break even with the fiscal price should we expect cuts? >> yes i think opec plus is seeing that macro doom in the markets.

understands that right now the markets need a push. somehow effectively the markets need to understand the supply/demand is still a thing and still matters. as we head into winter and november and december will have the highest rates of crude demand this year the entire year. that is just not reflected in the oil price. it is missing. opec plus could put the question back on the agenda and put that question back in the talking points of everyone i think they will do it. they will cut production. >> with continued sanctions on russia, why do we see incredible demanded you have that oil not in the general market russia found other outlets for the supply it is not in the global market as it once was why is that boosting prices higher you cited prices in africa as well >> supply shortages all over the

place. people thought iran would come into the picture iran is out of the picture russian production is edging lower as basically the eu sanctions are coming closer. december 5th and february are not far away we have to anticipate this out of the market. nigeria is out production at the low est in 30 or 40 years. the markets seem they have forgotten they he nno longer rec in prices being formed we think this is an issue. after the opec plus meeting, the agenda and talking points will be different from right now. right now. it is a lot of commodity or macro driven on commodities. oil is different oil is not unlike any other commodity. there is still shortage in oil. >> wti at 78 and 85 for brent

crude. viktor, thank you. still ahead, gm revamping the return to office strategy. how often the automaker wants workers back at their desks. we'll tell you when we return. >> announcer: today's big number 75%. that's the share of first mortgages with an interest rate below 4% according to mortgage data firm black knight the rate on the 30-year fixed is highest since 2008 roughly twice where it was last year

welcome back a landmark election in italy as they are set to usher in the first female prime minister. our steve sedgwick is live in rome with more on the fallout over the election results. good morning, steve. >> reporter: good morning, frank. we just don't know what will happen next. what you just said in the i introduction is spot on. this is the most right wing party in power since 1945. incidentally, the roots of the f fratelli party draw measures from mousilini she was the only out of the government of mario draghi and

let her go into the election in 2017, she got 4% of the vote. this time, a huge increase she and her coalition partners with silvio berlusconi and his forza party and salvini who leads the party wcalled lega. they will have contention with the eu and some of the stunts over sanctions salvini and burerlusconi will b part of the government led by giorgia meloni it it is a stunning victory for her. the day of voting with 64%, the lowest turn out, frank >> it is a stunning victory. are there broader implications for europe with the results? >> reporter: frank, not only

broad implications for europe, but for europe and g7 and nato giorgia meloni is backing nato and backing aggressive stance with putin her partners are real questions about the sanctions and toll that is exacting on europeans and cost of living crisis. it may be a loggerhead with the brussels and commission and eu and the new government with questions over the sanctions and willingness in i'taly to go alog with that front. europe has given italy or is giving italy 200 billion euro in the national recovery plan italy has to jump through hoops to get that money. some of these leaders who will form the government say look, we are not sure we are jumping through the hoops or reforms that is another area of contention this government applauded all parties across europe from lepe

and the democrats and from orban in hungary a worry in brussels this right-wing allies could form alliance which would challenge brussels in the months or weeks ahead. a lot of headaches in brussels and berlin and paris as well back to you. >> steve sedgwick, a lot to weigh. thank you, steve. let's check on the headlines with frances rivera in new york with the latest. good morning >> hi, frank we start with the tenth day of deadly protests in iran after the outcry from the death of the 22-year-old. at least 41 people have died in the clashes so far protests across the provinces and worldwide. the woman was arrested by the morality police for the dress

ro code she died three days after being taken into police custody. the video was released and she said she suffered a heart attack by a pre-existing conditions condition. her father denies that and claims she was beaten to death by police. back here at home, florida is bracing for hurricane ian upgraded from the tropical storm moments ago. itis moving toward western cuba it is expected to gain strength as it works through the gulf of mexico the hurricane's path indicates that tampa could be put in the crosshairs with the city on high alert. lines for gas and groceries have been growing by the hour. a big announcement in the sports world rihanna will headline the super bowl halftime show the announcement coming after the wild week three in the league gordon broke through on sunday

night to give the broncos the lead the broncos won an ugly one. 11-10. a crazy ending in miami where the dolphins finds the rear of the end zone the bills were down by two, but time ran out on the comeback ken dorsey cannot let it go. the dolphins survive and stay unbeaten with the 21-19 victory. and aaron rodgers struck first. tom brady with the touchdown with 14 seconds left to sail the bucs back in the game. they had to go for two to force overtime the pass deflected and hits the turf packers win over the bucs 14-12. back to you, frank >> a great game. that tampa bay and green bay game and the eagles blew out the

com commanders coming up, tech stocks crushed by the move up in interest rates we look for opportunities amid the carnage. and sign up for the most powerful event of the year to reguisterregister, scan the n your screen or go to deliver deliveringalpha.com. "worldwide exchange" will be right back with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity (vo) at viking, we are proud to have been named the world's number one for both rivers and oceans that lets you place, flatten, or reverse orders by travel and leisure, as well as condé nast traveler.

but it is now time for us to work even harder, searching for meaningful experiences and new adventures for you to embark upon. they say when you reach the top, there's only one way to go. we say, that way is onwards. viking. exploring the world in comfort. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year

with the fastest mobile service. and now, introducing the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... with the best mobile price for two lines of unlimited. take the xfinity mobile savings challenge and see how much you can save. switch to xfinity mobile today.

global market turmoil. bonds yields rising. big tech in the selloff. we are looking for buying opportunities amid the selling washington back in focus as the clock is ticking on the possible government shutdown it is monday, september 26th, 2 2022 you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan let's get a look at your markets and money. stock futures just slightly lower than earlier basically muted. the s&p and dow and nasdaq hovering between fractionally lower and flat the bond market with moves among treasuries 10-year treasury right now sitting at 3.77.

we are watching the 2-year at 4.28 and 5-year above 4% big moves in the oil market. wti right now below80. brent crude at 85. this morning, it was below 85 a barrel wti this year in june at $120 a barrel let's go worldwide with julianna tatelbaum with the trading day in europe. >> frank, good morning worth another look in europe things taken a turn for the worse after we spoke 20 minutes ago. now every region is trading lower. we had green across the board 20 minutes ago. now the dax and ftse 100 trading below the flat line. ftse mib is up .50%. investors are taking any opportunity to sell the strength

and fade the rally the jitters across the european market and focus on the uk let me take you to fixed income markets. this morning, the spread between the 10-year uk bond and the 10-year german yield one of the more risk free assets the spread rose to the highest level since 1992 a lot of this has to do with the sterling let's look at where we stand british pound 1% lower against the dollar this is a bounce off the lows. at one stage, a record low versus the u.s. dollar the big announcement coming from the uk government. extending the tax cuts in the effort to boost the economy. that is driving concern of what that means for uk interest rates and the bank of england. that is building and we could see an emergency rate hike from

the bank of england. frank. >> julianna, thank you very much. sticking with the markets. let's talk about the tech wreck. off the two-week stretch with the nasdaq shedding 2% in the time frame the third quarter set to wrap up this week, the nasdaq is notched for losses for the third straight quarter for more on the rough ride, let's bring in james cakmak at clockwise capital. >> good morning. >> a lot to break down with tech and tech wreck as we're calling it how much of the fed and rising rates is the story we talk about tech when it comes to big tech, google, microsoft have stable businesses and cloud clearly a transition is going on is there any other factor leading to the tech wreck rather than rising rates? >> the supply chain.

i can blame everything else on the fed. jay powell is driving the economy into a brick wall. it is becoming a liability at this point we were spec reexpecting a reco the back half of the year. since jackson hole, that changed. you talk about the inversion in the yield curve. it is more inverted now than the dot-com era. that is calling for huge risk. the broader indexes are substantial risk as earnings continue to rise we need to focus on the surge w cal approach with the companies inn destructive growth curve >> you say fed and powell are

the problem. what is the solution adobe made a deal for 50 times arr or forward revenue the market did not like that deal it was focused on growth and keeping that company away from comp competitors. if investing in growth is not solution for companies, what is? >> i think the adobe deal was construed unfairly it was a smart deal for them it is a platform defining operating system adobe needed to make a move. adobe is a service the world is moving to platform. they made a move it will take time to play out in terms of the bottom line it was the right move to make. you know, the fed has changed the equation on the economic health of the country and what will it be for the future for the next 12, 18, 24 months

that changed where the tech opportunities and shift to the cloud continue to be resilient and strong that is where we invest and grow those positions. we are going to be hedging out the rest of the portfolio given the macro uncertainty back drop. >> one question a lot of people are asking where is the bottom for tech just a few weeks ago, we saw rates rising and also tech rising at the same time. people thought maybe we hit the bottom what do you think? >> if things keep going the way they are and no about face from the fed, i think we can go a lot lower from here. possibly 20% lower from here you know, you have substantial earnings risk. you have the push/pull with legacy and new tech which will continue to create friction in the market you have the supply chain which

is not being fixed soon. for some reason the fed thinks demand will fix the supply chain problems it's not at the end of the day, everything changed at jackson hole and it is frustrating for an investor dealing with it. they did nothing and that would be the best possible outcome you have to be surgical. i would say keep cash on the balance sheet. we are continuing to take advantage of any pull back you got to be careful here it's tricky waters >> james, your possible move 20% to the down side for tech. you are not making a lot of friends in silicon valley. >> thank you to the other top stories general motors shifting and telling employees they he have to work in the office more often. those working remotely will be

required to work ins office three days a week. gm setting progress for pandemic for the change in policy. mcdonald's citing rightrightsing costs in japan amazon will hold another prime day shopping event next month. deals to customers on october 11th and 12th. cnbc previously reported that amazon contacted sellers in june about the deal it could help spark early shopping for customers as it deals with rising inflation. and coming up on "worldwide exchange." lawmakers looking to reach a deal and time running out. what it will take to get a deal done that's coming up next. futures dropping the sessio lower.

stay tuned we'll be right back.

a check on futures futures dropping the session lows dow set to fall 200 at the open now. an hour ago it was basically flat for a look at the dow laggards nike and amgen some of the bio-tech names will face pressure against the dollar and how inflation will effect

nike and apple. welcome back a busy week for lawmakers in washington democrats are set to move forward with a short-term spending bill extending levels until december chuck schumer promising to attach proposals from joe manchin to speed up the process for energy products to the funding solution the proposal is drawing opposition from both parties all this with less than a month and a half to the midterms let's dive into the action with brian gardner. >> good morning, frank >> brian, the big question for everybody watching this morning is how do you see the action in d.c. impacting the market action the government shutdown is not good for anything. >> you were going through the fed speakers before. i think the d.c. government related action, the more relevant or impactful i should say is from the fed and fed

speakers what is going on on capitol hill is a side show it is important for the energy sector at the end of the day, there is no government shutdown we will not have an impact from that of course, we alluded to the permitting issue and if that passes i have been skeptical. i continue to be skeptical that will be dropped at the end of the day chances of a shutdown are low. it is not in any interest to shutdown the government ahead of the midterms >> we have midterms coming up. the market is trying to price different outcomes here. what can we expect with democrats? >> i think a republican win is generally gridlock whether it is the house, senate sweep, you still have a democratic president with a veto pen. republicans are going to push

heavy into an investigative agenda on the tax cut side, but different type of republican party. more populous. tax cuts are not as broad as typically from republicans they are targeted toward small business and middle class. again, generally gridlock. two parties won't be able to agree. democrats, it is interesting that agenda is not as flushed out. let's say for a second that they sweep the house and senate and c confound the experts and keep both i think they start to lean into the 2024 election trying to tee up a stimulus package that would prime the economy going into the next presidential election the problem is if they sweep, but don't pick up two extra senate seats, we're where we are right now. two senademocratic senators, man

and sinema, not on board especially manchin with his inflation concerns the agenda is a stimulus or oriented one, but getting that through, i think you still have a level of gridlock with a democratic congress. >> brian, obviously, there are big things kalacoming up. are there any other things that should be paid attention to that would impact the market? >> i'm paying attention to the lame duck. the lame duck is where you have a longer term spending bill. the spending bill that will be considered this week gets us to december we replay this all after the elections. then you have the national defense authorization act which is an annual defense bill. that is going to be a vehicle for a number of items to move. whether it is the safe banking

act with the cannabis or services sector is looking at. then an end of the year tax bill technical tax bill not a broad tax bill tax extender bill that could have business tax proposals in it either delaying or suspending changes on tax credits or r&d. those are the items impactful for the markets. a post election, not pre-election agenda. >> brian gardner, thank you. a lot going on we appreciate that insight >> thanks, frank. coming up on "worldwide exchange." feeling dazed and confused after the rocky september. futures losing steam in the last hour we talk about the big issue at play and ask two money managers

how they are putting money to work and first through hispanic heritage month, we celebrate our contributors here is cnbc producer carina hernandez. >> i'm a first generation mexican american and i'm so proud of that. the reason i am where i am today is because of the sacrifices my parents made to move to this country to provide a better future for my sister and me. it is those sacrifices that give me the drive to excel in my career and make their sacrifices worth it my advice is to give it all you've got and don't wait for others to take a chance on you put yourself out there and take a chance on yourself first

another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. ♪♪ ♪♪ ♪♪

be ready for any market with a liquid etf. get in and out with dia. what's it going to take for the world to reach net-zero emissions? it's going to take investing in some things you've heard of and some you'd never expect. it's going to take funding innovation in renewable energy, helping reduce carbon footprints, and big bets on environmentally conscious construction. citi has committed 1 trillion dollars in sustainable financing to help build a better future. because to reach net zero, it's going to take everything. ♪ ♪ welcome back to "worldwide exchange." futures weaker in the last 30 minutes. now near session lows. 10-year treasury this morning. we're tracking that with the

yield curve inversion. the chart here the upward move up eight basis points so far this morning since 8: 8 8:00 last night. and the laggards amgen and carnival tied to consumer spending. joining me now is eric beiley and cate faddis. thank you for being here this morning. >> good morning. >> good morning. thank you for having us. >> a lot to talk about a big selloff on friday. the move in the futures to the down side this morning and the yield curve inversion. rates on the 10-year treasury on the rise how do you see the market day shaping up eric >> a very brutal september, frank. you look at the futures where this week is about a bounce off the lows from junie or head

lower. it looks like we will head lower as investor confidence is very low. fed policy has really taken over and is controlling what investors might want to do confidence is not there. are you are seeing this in asset prices and fixed income. everything has dropped with volatility so high, it is difficult to see right now with the markets coming down and developing a bottom. >> cate. >> yeah. i have to agree. i think you have what happened in june. you had a recovery now everyone is back from vacation and it looks like you look what the fed did and the fed is consistent at some point. you know, maybe contrarians wil step in.

>> obviously, september has a reputation for one of the most difficult months of the market it is living up to it right now. cate, one thing you are pointing out is buy the dip mentality will not work right now. you have to find good stocks to pick would you mind sharing stock picks? what are the factors that make the stock good in this current environment? >> you know, we've had for ten years easy money you could buy anything and it will go up that is not the case we have to sharpen our pencils and do analysis. some of the items i'm looking at like companies that have good fundamentals and are cheap with good dividends and safe dividends. one is hanes brand champion and just my size. the stock yields 7.5%.

dividend is solid. last time this price was this low was ten years ago. compared to a decade ago, revenue is up 50%. it could be a value trap it trades at a 6 pe. this is one i like newell brands. every day things sunbeam. crockpot contigo. last time this price was this low was 20 years ago revenue is double. yielding 6% from a year ago. pe of eight times price to free cash flow of seven times you could go up 40% to 50% these are some names you want to look >> eric, i know you are looking at the bond and credit market. 2-year treasury is a great place to put your money. are you looking at corporate

credit are you looking at high growth or more focus on investment grade? >> yeah. great question you know, we had such a big move this month in rates. so bond p prices have dropped substantially the last few weeks. so, for our clients, we like tax-free bonds municipal bonds. high quality bonds over 4% tax-free for people who live in states with high state taxes, that is more attractive. on the corporate side, agree for lower risk and high quality and short-term credits anything in the two-to-four year range. for the ability tie o take risk, you can get yields 7% or north we have not seen this in a while. the prices have really dropped

we do see long-term attractive values in the credit markets >> the fed is a big factor in the market becoming more hawkish. i have to ask. we have pce this week. any chance this impacts the fed's plans, cate? >> no. >> eric? one word answer. i wasn't expecting that, cate. >> i agree with cate sentiment is too negative. if we get a report that feels dovish and kacalms the market down, it will be policy statements that things are reversing or the fed cool off on the rate hike. >> eric and cate, i appreciate the insight. that will do it for us on "worldwide exchange. "squawk box" is coming up next thanks for watching.

good morning global market turmoil continuing as bond yields are rising. dropping 200 points for the dow in last hour they had been up a little. investors bracing for another wild week on wall street over seas, the british poun dropping and we are watching the italian markets with the first female prime minister. elon musk will face-off with the twitter lawyers today. grilled ahead of the trial that seeks to force him to buy the company he no longer wants.

it's monday, september 26th, 2022 only two days until delivering alpha. i can feel the anticipation at "squawk box" begins right now. good morning welcome to "squawk box." becky and andrew are off today i'm melissa lee with joe kernen. we are looking to open down under 1% on the s&p 500. down 29 at the open. nasdaq down 64 here is where the markets sta stand from june. treasury yields have bee