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The top foreign holders of US debt may soon dump Treasury bonds and bring their money back home FortuneJapanese Funds Dump Most US Debt Since 2022 as Fed Wagers Flip Bloomberg.comJapanese investors sell foreign stocks in April as energy costs rise ReutersJapan's $33B U.S Treasury sell-off in Q1 reignites Bitcoin vs Gold debate AMBCrypto
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Bill Cassidy: Republican senator who voted to convict Trump loses re-election bid BBCTrump sent a message by targeting Bill Cassidy. In defeat, Cassidy delivered one back CNNOpinion | Bill Cassidy and America's increasingly broken primary system The Washington PostBill Cassidy loses Senate primary in another major win for Trump PoliticoAn unlikely politician, Julia Letlow could be Bill Cassidy's successor US
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Crowds pack into Washington's National Mall for prayer rally PBSTrump Administration Pushes Narrative of Christian Founding at Rally The New York TimesSpeaker Mike Johnson rejects "this new term Christian nationalism" as "derogatory" MS NOWTrump-backed prayer festival on National Mall draws thousands: ‘We welcome Jesus!' The Washington Post
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LIVE UPDATES: LIRR strike halts service systemwide. Here's what you need to know. News12 | Long IslandCould the LIRR strike end before the Monday morning commute? NBC New YorkMap: How to navigate your Long Island-NYC commute during LIRR strike NewsdayOpinion | The solution to the Long Island transit strike is obvious The Washington Post
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LIRR strike has many worrying about Monday's commute. Here's the latest. CBS NewsNew York rail strike continues as commuters brace for Monday chaos BBCWith North America's largest commuter rail system shut down, NY governor begs unions to resume talks Pittsburgh Post-GazetteCould the LIRR strike end before the Monday morning commute? NBC New York
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Stress, uncertainty as economy views decline; many voice frustration with Trump's economic approach, CBS News poll finds CBS NewsTrump approval sinks as costs rise, poll finds USA TodayOpinion | Trump's polls just passed a historic low MS NOWDonald Trump's current approval rating; Trump approval rate today Asbury Park Press
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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