Long-Term US Borrowing Costs Hit 19-Year High During Fed Chair's Press Conference

During Fed Chair Kevin Warsh's July 29 press conference, the interest rate on 30-year US government bonds rose to nearly 5.23% — a 19-year high. The Dow fell over 2%. Investors cut bets on a near-term rate hike but pushed long-term borrowing costs higher. Jeffrey Gundlach said the bond market is signaling the Fed must act on inflation.