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Global bond yields hit a 15-year high, a closer look at China’s housing slump and Americans’ disappearing savings. — Kristine Aquino Yields [View in browser]( [Bloomberg]( Global bond yields hit a 15-year high, a closer look at China’s housing slump and Americans’ disappearing savings. — [Kristine Aquino]( Battered bonds [Yields on bonds across the globe jumped to the highest level since 2008](after minutes of the Federal Reserve’s last meeting showed[ policymakers remain worried about persistent inflation]( and signaled the possibility of further rate hikes. Signs of weakness in bond markets emerged worldwide, from UK 10-year yields climbing to a 15-year high to a lackluster sale of Japanese 20-year debt. “The current selloff is being led by the longer end, underscoring concerns about supply and liquidity,” said Prashant Newnaha, a macro strategist at TD Securities. Housing slump [China’s housing market is weaker than official statistics suggest](, according to figures from property agents and private data providers. They show existing-home prices falling at least 15% in prime neighborhoods of major metropolitan areas like Shanghai and Shenzhen, as well as in more than half of China’s tier-2 and tier-3 cities. The findings confront China’s official statistics, which show the housing market as remarkably resilient in the face of tepid economic growth and record defaults by developers.  Vanishing savings [Excess savings that US households built up during the pandemic]( probably be exhausted in the current quarter, according to research from the Federal Reserve Bank of San Francisco. Americans held less than $190 billion in total excess savings by June, and that’s likely to be depleted by the end of September, according to San Francisco Fed researchers Hamza Abdelrahman and Luiz Oliveira. This would risk removing a key support for consumer spending, which has powered the US economy this year. Markets diverge S&P 500 and Nasdaq 100 futures climbed 0.2% as of 5:17 a.m. in New York, diverging from widespread losses in European cash equities. Longer-dated Treasuries led declines across the curve, mirroring a pullback in global bond markets. The Bloomberg Dollar Spot Index traded near the day’s highs, pressuring most Group-of-10 currencies. Gold rose with oil, while Bitcoin slid more than 1.3%, falling for a fifth day. Coming up… At 8:30 a.m., we’ll get jobless claims data as well as the latest reading of the Philadelphia Fed’s business outlook gauge. At 11:30 a.m., the US will sell $80 billion of four-week bills and $70 billion of eight-week bills. What we’ve been reading This is what’s caught our eye over the past 24 hours: - [Goldman Sachs says blame zero-day options]( for the S&P 500 decline - The UK bond selloff signals [inflation is here to stay]( - [A crypto-powered hell](lies on the other side of a spam text - [A Chinese shadow-banking giant]( taps KPMG for a restructuring - Cathay Pacific woos travelers with [the cheapest tickets since Covid]( - How Citadel’s Ken Griffin reshaped [Florida’s anti-China crackdown]( - [If ChatGPT had a brain](, what would it look like? And finally, here's what Joe’s interested in this morning… Shares of the Danish pharmaceutical maker Novo-Nordisk are up 76% over the last year, having recently eclipsed $400 billion market cap, thanks in large part due to booming demand for Wegovy and Ozempic, which have shown to be remarkably effective at helping people lose weight. As these drugs, and other GLP-1s, become more widespread, the knock-on effects to other companies and other industries are likely to become more pronounced. That's the topic of today's Odd Lots podcast, where we speak with investor James van Geelen of Citrinitas Capital. His argument is that there will be all kinds of second order effects, touching companies from medical device manufacturers to food companies to dating apps and more. Already, mentions of GLP-1s are soaring on earnings corporate calls as firms discuss the effects of the drug's widespread nature. By and large most mentions are still in the medical field, or related to other companies offering some type of weight loss offering. So it'll be interesting to start watching this chart quarter after quarter to see how this shifts business models, in either a positive or negative manner. Find the whole episode on [Apple](, [Spotify]( or elsewhere. Follow Bloomberg's Joe Weisenthal on Twitter [ @TheStalwart](. 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