Warsh's Rate Hold Ignites Bond Rout as Inflation Fears Grow

The US Federal Reserve's decision to hold interest rates steady for the fifth consecutive meeting has sparked concerns about Chairman Kevin Warsh's commitment to tackling inflation. The move sent a shockwave through the bond market, with US 30-year treasury yields reaching their highest level since 2007.

Warsh's inaction on rates has raised doubts among investors and economists, who were expecting some form of stimulus to combat rising inflationary pressures. This uncertainty has led to a sell-off in bonds, with yields surging as a result.

In other news, Samsung reported a significant jump in profit at its semiconductor arm, boasting a 250-fold increase that easily surpassed expectations. Meanwhile, Microsoft's cloud unit saw growth at the fastest pace in four years.