Yields around the world hitting multi-decade highs as bond vigilantes go to work. The Verge’s Nilay Patel says Meta’s federal child-harm trial is the social media platform’s “Microsoft moment.” Plus, Anthropic pulls back the curtain on its financials as it prepares to go public.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Global Bond Rout, Meta’s Landmark Trial, and Anthropic’s Revenue Surge 8/18/26

The Exchange

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Momentum, Marvell, Sandisk, and Teradyne. We'll look at why these leaders have turned into laggards today. And another trial starts for Meta. This one, state attorneys general are saying could be the largest consumer protection lawsuit in American history. We'll discuss. But we begin with this global bond route, the mirror image of the years of zero and even negative rates we saw before and just during the onset of the pandemic.

Japan's 10-year yield hit negative 0.3 percent in 2019. Germany's 10-year, negative 0.9 percent in early 2020. At one point, the entire Swiss yield curve was negative. Bill Gross used to warn that this whole era was a supernova that would eventually explode. Is that what we're seeing play out today? For that, we turn to Rick Santelli, our bond watcher who is out in Chicago at the CME. Rick, how big of a deal is this reset?

Well, I think it's a big deal, but I think it is light years. Many, many, many Star Trek light years from something catastrophic. And I want to underscore that. You hit the nail on the head. You know what? When you take a beach ball or a spring or compress anything that has kinetic energy stored, once you remove the obstacles, it bounces back. All those low and negative interest rates you pointed out, yes, Bill Gross was right.

Everybody knew at some point in the future there would be a comeuppance. So maybe we're in that chapter. But honestly, let's go through things quickly. So there's the U.S. We still haven't even taken out yet on a closing basis our July 31st high yield close in the 10-year, which was 473.5. We touched 474.5, but we're back down.

Global Bond Rout, Meta’s Landmark Trial, and Anthropic’s Revenue Surge 8/18/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Global Bond Rout, Meta’s Landmark Trial, and Anthropic’s Revenue Surge 8/18/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.