Five Things You Need to Know to Start Your Day: Americas

Good morning. Powell trips up global bond markets, the OECD says the inflation fight isn’t over and Chinese investors are worried about Trump. Here’s what people are talking about. — Sofia Horta e Costa

The selloff in US Treasuries is extending after Federal Reserve Chair Jerome Powell said the central bank is wary of cutting rates too soon. In an interview with CBS’s 60 Minutes that aired Sunday evening, Powell said voting members are unlikely to reach the required “level of confidence” about inflation’s path by their March meeting. While those comments echoed the message he delivered at a press conference Wednesday, investors are reading it as an intensifying push back against expectations for interest rates to fall early in 2024. The Treasury declines sent waves through bond markets, pushing down government debt from Australia to Germany and the UK — where traders are giving up on bets the Bank of England will deliver four rate cuts this year.