Macro Briefing: 22 October 2025

The US 10-year Treasury yield is testing its lowest level since the tariff tantrum in April. The benchmark rate closed down on Tuesday, settling at 3.97%.

This week’s delayed consumer inflation report, due on Friday, will be viewed cautiously by some observers. “Skeptics like me are going to be focused on how clean is this data,” said Vishal Khanduja, head of broad markets fixed income at Morgan Stanley Investment Management. “What were the accommodations made for the lack of full personnel staff showing up? What adjustments were made before the data got reported?”

Amazon is reportedly planning to dramatically increase its use of robots, which is estimated to replace up to 600,000 workers by 2033, in part by using machines to offset the need to hire humans. “Leaked documents often paint an incomplete and misleading picture of our plans, and that’s the case here,” an Amazon spokesperson told CNET in an email. “In this instance, the materials appear to reflect the perspective of just one team and don’t represent our overall hiring strategy across our various operations business lines — now or moving forward.”

Following a red-hot rally in recent weeks, gold fell sharply on Tuesday, posting its biggest decline in more than a decade. Gold prices rebounded modestly in early trading on Wednesday after the precious metal’s dramatic 5% decline in the previous day.

General Motors expects next year’s earnings to top 2025 results. “Looking ahead to 2026, we have multiple levers to carry our current momentum forward, including progress on [electric vehicle] losses, warranty costs, tariff offsets, regulatory requirements and fixed costs,” the company’s chief financial officer said on Tuesday.

Bonds don’t always provide the expected diversification for hedging stock-market risk, notes TMC Research, a unit of The Milwaukee Company, a wealth manager. As a result, thinking beyond the standard portfolio strategy has become increasingly important as financial markets exhibit signs of a structural shift.