Zhongtai Securities says US Treasury yields across the curve are at fresh highs, with the 30‑year yield above 2008 crisis levels, raising US sovereign‑risk considerations. The note adds that perceived erosion of the Fed’s credibility and independence is enhancing commodities’ financial characteristics. While realised volatility may remain suppressed ahead of the September FOMC, Zhongtai warns of significant underlying flows and recommends positioning in precious metals and in copper and aluminiu

Zhongtai Securities says US Treasury yields across the curve are at fresh highs, with the 30‑year yield above 2008 crisis levels, raising US sovereign‑risk considerations. The note adds that perceived erosion of the Fed’s credibility and independence is enhancing commodities’ financial characteristics. While realised volatility may remain suppressed ahead of the September FOMC, Zhongtai warns of significant underlying flows and recommends positioning in precious metals and in copper and aluminium most exposed to Middle East supply risks.