全球债市收益率飙升至2008年以来高位

HIGHER YIELDS START TO WEIGH ON EQUITIES. I'M DANI BURGER.

AND I'M ISABELLE LEE. "OPEN INTEREST" STARTS RIGHT NOW. DANI: COMING UP, BONDS TUMBLE AROUND THE WORLD AS YIELDS SURGED TO LEVELS NOT SEEN SINCE 2008. IN FUELING THE BOND SELLOFF, A FRESH SURGE IN OIL AS MIDDLE EAST TENSIONS FLARE AGAIN. AND A NEW ERA AT APPLE. JOHN TERNUS TAKES THE REINS FOLLOWING TIM COOK'S HISTORIC RUN. ISABELLE: MACRON HAS TO TAKE CENTER STAGE BECAUSE IT IS DOWN BY NEARLY 2%. AFTER A REPORT THAT THEY WOULD RAISE PRICES FOR TAIWAN EMPLOYEES WHO THREATENED TO STRIKE.

MICRON WILL ANNOUNCE DETAILS OF THE INCENTIVE PLAN IN OCTOBER. YOU SEE THE STOP REACTING NEGATIVELY FOR NOW. DANI: IT'S A TOUGH MARKET FOR MICRON AND BASICALLY FOR EVERYONE BECAUSE OF WHAT WE ARE SEEING IN BOND YIELDS. THEY CLIMBED BACK TO THE HIGHEST LEVEL GLOBALLY IN ALMOST TWO DECADES. IT'S A PERFECT STORM OF EVERYTHING FROM HIGHER OIL PRICES, CONCERNS ABOUT SPENDING AND FROM CORPORATIONS THEMSELVES AND EXPECTED INTEREST RATE HIKES.

ISABELLE: DEFINITELY. FOR MORE ON THE BOND SELLOFF, WE ARE JOINED BY MICHAEL MCKEE. THANK YOU FOR JOINING US. WE ARE SEEING YIELDS RISE. IS THIS AN OIL STORY STILL, OR ARE BOND INVESTORS JUST FINALLY REALIZING THAT WE HAVE A HUGE GLOBAL AND FISCAL DEFICIT PROBLEM?

I THINK IT IS A COMBINATION OF ALL OF THAT AND OIL IS JUST A SYMPTOM OF IT AT THE MOMENT. IT'S ALL THE SAME. WE ARE AT 2008 YIELDS. WE HAVEN'T BEEN THERE SINCE 2008. ISABELLE: THAT'S A LONG TIME.

I GUESS WHAT I WAS TRYING TO SAY IS WHAT IS GOING ON, THIS REGIME CHANGE. AS OPPOSED TO BEING AT ZERO LOWER AMOUNT IS TELLING YOU THAT THERE IS SOMETHING WRONG OUT THERE IN THE MARKETS ARE SEEING A LOT OF THINGS. THE U.S. HAS GOT HUGE DEFICITS AND TREASURY ISSUANCE. GERMANY AND EUROPE, HIGHER BARBERING FOR DEFENSE AND INFRASTRUCTURE. IN JAPAN, YOU HAVE GIGI BE YIELDS GOING UP AND NOW YOU'RE GETTING REPATRIATION WHICH MEANS THERE IS LESS INTEREST IN U.S.

AND OTHER DEBT. YOUR MENTIONING THE ENORMOUS AI ISSUANCE OUT THERE. I READ A STAT TODAY THAT THE SIX HYPERSCALERS ARE NOW AT 5% OF BOND ISSUANCE, WHICH IS DOUBLE WHAT THEY WERE JUST TWO YEARS AGO. WHICH RAISES THE QUESTION OF WHAT IS GOING TO HAPPEN NEXT? THE ECB IS POISED TO RAISE INTEREST RATES ON SEPTEMBER 10. ANKA JAPAN EXPECTED TO FOLLOW ON SEPTEMBER 18. PUTS MORE PRESSURE ON THE FED TO RAISE RATES THIS YEAR, ESPECIALLY WHEN YOU GET IN THE AN -- WHEN YOU GET A LITTLE BIT OF AN INCREASE IN THE CPI.

THERE ARE ALTERNATIVES NOW AND OF THE SAME TIME, TRUMP WANTS LOWER RATES. IT'S ALL A TOUGH CONUNDRUM, THE KIND OF THING THEY ARE DISCUSSING AT THE G20 BUT I WOULDN'T EXPECT THEM TO GET A LOT DONE. DANI: AND WE ARE HEARING FROM ECB OFFICIALS SAYING HEY, COULD YOU MAYBE CONSULT US NEXT TIME? ON THAT POINT, NOT ONLY DO WE NOW NEED TO BE WORRIED ABOUT FISCAL DOMINANCE OF INTERNAL POLITICS, BUT NOW APPARENTLY WE NEED TO BE CONCERNED ABOUT THE TREASURY PRESSURING THE BOJ TO MOVE RATES HIGHER.

IT'S A LITTLE BIT ODD FOR TREASURY SECRETARY BESSENT TO BE TELLING THE BOJ WHAT TO DO, ALTHOUGH BACK IN 2008, WE DID SEE G7 FINANCE MINISTERS BASICALLY SAYING THAT CERTAIN COUNTRIES NEEDED TO ADJUST THEIR EXCHANGE RATES BECAUSE THEY WERE OUT OF LINE AND OF COURSE, THAT HAS TO DO WITH BUYING AND SELLING BONDS. LOOKS LIKE SCOTT BESSENT IS SUBSTITUTING HIMSELF FOR THE BANK OF JAPAN AND THE U.S. TREASURY AT THIS POINT.

DANI: WHAT A START TO SEPTEMBER WE ARE SEEING. ELSEWHERE, AS MIKE WAS MENTIONING, PART OF WHAT IS DRIVING THIS MOVE IS OIL RISING. THAT IS OCCURRING WITH HOSTILITIES PICKING UP IN THE STRAIT OF HORMUZ. TWO OIL SUPERTANKERS WERE STRUCK BY PROJECTILES WHILE ATTENDING TO EXIT THE STRAIT. THIS COMES AS PRESIDENT TRUMP DOWNPLAYED OF THE WAR FROM THE OVAL OFFICE.

THEY ARE A FAILED NATION. THAT DOESN'T MEAN WE WANT SMACK 'EM. WE HAVE SO MUCH AMMUNITION ALL OVER THE WORLD THAT WE CAN ALWAYS TAKE. THIS IS A RELATIVELY LITTLE WAR FOR US. THIS IS NOT A BIG WAR. DANI: JOINING US NOW IS NICK WADHAMS. IT FEELS LIKE THIS IS THE NEW NORMAL. A RED LINE GETS CROSSED, THERE ARE ATTACKS AND COUNTERATTACKS. WHERE DO WE STAND IN IRAN RIGHT NOW AS IT PERTAINS TO KINETIC WARFARE? NICK: IT LOOKS LIKE AFTER SEVERAL WEEKS WHEN IT FELT LIKE THINGS WERE DECLINING IN COOLING-OFF, WE ARE BACK IN THAT PART OF THE CYCLE WITH THE ADMINISTRATION TAKES BACK UP WITH TIT-FOR-TAT RESPONSES WITH IRAN HITTING RADAR INSTALLATIONS AND IRGC RESPONSES AND THEN IRAN RESPONDS WITH ATTACKS ON TANKERS.

I THINK THE BIGGER ISSUE HERE IS THAT IT REALLY DOESN'T SEEM LIKE THERE IS A WAY OUT OF THIS CONFLICT ANYTIME SOON. IRAN CONTINUES TO EXERT CONTROL OVER THE STRAIT, HARASSING THOSE TANKERS. IT IS GOING TO SEND ANOTHER CHILL THROUGH SHIPPING COMPANIES EVEN AFTER THE U.S. SAID MINES HAD BEEN CLEARED. REALLY WHAT YOU ARE SEEING FROM THE PRESIDENT IS NOT MUCH OF A STRATEGY. HE SEEMS CONTENT TO LET THINGS BOIL ALONG BUT THE PRESSURE IS REALLY GOING TO RATCHET UP AS THE MIDTERMS APPROACH AND GAS PRICES STAY HIGH.

ISABELLE: WE ALSO HAVE THE U.S. ARMED SECRETARY RESIGNING AFTER CLASHES WITH PETE HEGSETH. HOW MUCH IS ABOUT THAT AND WHAT ARE THEY REALLY FIGHTING ABOUT? NICK: IT'S A GREAT QUESTION. THERE'S BEEN A FAIR AMOUNT OF DRAMA IN THIS ADMINISTRATION, IN THE PENTAGON IN PARTICULAR. WHAT YOU ARE SEEING IS PETE HEGSETH LOOKING TO PUT HIS STAMP ON THE DEFENSE DEPARTMENT AND TO ME, THIS IS REALLY AN INDICATION THAT HE REALLY DOES STILL RETAIN TRUMP'S EAR, EVEN THOUGH THERE HAD BEEN SOME DEBATE.

HE AND DAN DRISCOLL REALLY CLASHED BECAUSE DRISCOLL OPPOSED SOME OF HIS MOVES TO PURGE GENERALS IN THE ARMY AND ELSEWHERE IN THE MILITARY, THAT HE FELT WERE NOT OFFICIALLY ON BOARD WITH THE TRUMP AGENDA AND WERE A VESTIGE OF THE BIDEN ADMINISTRATION. PREVIOUS ADMINISTRATIONS HE FELT WERE PUSHING SORT OF A "WOKE" AGENDA AND ONE HE SAYS IS MUCH MORE OF A FOCUS ON THE WAR FIGHTER AND WE FAMILY. THE ARMY CHIEF OF STAFF RANDY GEORGE WHO IS PURGED A COUPLE OF MONTHS AGO.

I THINK WHAT YOU ARE SEEING IS AN ARMY SECRETARY WHO HAS BASICALLY HAD IT WITH TENSIONS WITH SECRETARY HEGSETH AND SAID LISTEN, THIS IS YOUR PENTAGON, YOU GO THE WAY YOU WANT. AND PRESIDENT TRUMP WAS WILLING TO BACK PETE HEGSETH ON THIS ONE. ISABELLE: THANK YOU FOR THAT UPDATE. IT'S A NEW ERA FOR APPLE. JOHN TERNUS TAKES OVER AS CEO TODAY FOLLOWING IN THE FOOTSTEPS OF TIM COOK WHO HAS TRIPLED SALES SINCE TAKING THE REINS FROM STEVE JOBS.

ED LUDLOW JOINS US FOR MORE CONTEXT. ED, WHEN TIM COOK TOOK OVER APPLE, THE COMPANY HAD A MARKET CAP OF LESS THAN $350 BILLION. NOW IT IS NEARLY 4.7 TRILLION DOLLARS, ALMOST A 2000% GAIN. WHAT CAN WE EXPECT FROM TURNIPS STARTING DAY ONE? ED: IT IS A TOUGH ACT TO FOLLOW FROM TIM COOK. THERE IS NOT GOING TO BE SOME SET OF WHOLESALE CHANGE IN STRATEGY OR MANAGEMENT, BUT THERE'S THE IMMEDIACY OF HAVING THE SEPTEMBER 9 IPHONE EVENT WHERE APPLE IS LIKELY TO UNVEIL ITS FIRST FOLDABLE IPHONE.

HE IS THE HARDWARE GUY. HIS STRENGTHS ARE NOT IN FINANCE OR LEGAL SALES. THERE ARE OTHER EXPERIENCED EXECUTIVES THAT HE'S EXPECTED TO LEAN ON, BUT IN AGGREGATE, THE MANAGEMENT TEAM IS A VETERAN MANAGEMENT TEAM SO WITH TIME, THERE'S A LOT OF DISCUSSION ABOUT HOW DOES JOHN TERNUS CHANGE THINGS WITH THE ACKNOWLEDGMENT THAT TIM COOK IS NOT GOING FAR? LITERALLY, HIS EXECUTIVE CHAIRMAN FROM TODAY THAT THE FOCUS OF TIM COOK BEING POLICY TRADE, PARTICULARLY CHINA, RELATIONSHIPS WITH THE U.S.

GOVERNMENT IN PARTICULAR. DANI: AND WHAT ARE WE EXPECTING IN TERMS OF HARDWARE BEING UNVEILED? THINGS LIKE EIGHTFOLD PEOPLE PHONE. IS THERE MORE INNOVATION WE MIGHT GET FROM JOHN TERNUS? ED: THIS IS THE CRITIQUE OF THE LATTER PART OF TIM COOK’'S TENURE AS CEO. WHAT WAS THE BIG PIECE OF INNOVATION ON THE HARDWARE SIDE? WITH A FULL DOUBLE PHONE, THAT IS THE BIG SWING. THEY ARE IN THE MARKET FROM SAMSUNG IN PARTICULAR, AND GIVEN APPLE'S POSITION IN THE PREMIUM PART OF THE MARKET, NOT JUST THE UNITED STATES BUT ELSEWHERE AS WELL, IT'S UNCLEAR HOW THAT RESONATES, BUT IT WILL BE JOHN TERNUS ON THAT STAGE POSITIONING IT.

DANI: IS HE NOT ON A LITERAL STAY? ED: I THINK THE REPORT