[한국어] "금리 인하? 시장은 금리 인상을 외치고 있습니다” 전직 연방예금보험공사 학자가 본 미증시 사상 최고가의 진실 | 호세 토레스 [Global Money Talk]

Watch on YouTube ↗  |  May 10, 2026 at 06:00  |  14:53  |  3PRO TV (삼프로TV)
Speakers
Jose Torres — Chief Economist, Interactive Brokers; Visiting Professor, CUNY

Summary

Jose Torres, Chief Economist at Interactive Brokers, discusses the disconnect between record-high US stocks and rising bond yields. He argues bond yields are signaling the need for rate hikes, not cuts, and warns of potential volatility from upcoming data and Kevin Warsh's Fed start. The market's resilience is attributed to the 'Trump put' and MAG7 concentration.

  • Bond yields are screaming for rate hikes; 2-year near 4%, 10-year at 4.44%.
  • Inflation expectations remain unanchored; CPI expected around 4.2% in May.
  • Market at all-time highs driven by MAG7 and belief in a 'Trump put'.
  • Upcoming NFP, CPI, and Kevin Warsh start could trigger volatility.
  • Middle East tensions could cause a retest of market lows.
  • Labor market distorted by immigration restrictions and AI adoption.
  • Fed should prioritize inflation control over employment.
  • Easy money policies have created asset price inflation and resource misallocation.
Trade Ideas
Jose Torres Chief Economist, Interactive Brokers; Visiting Professor, CUNY 8:15
Bond yields demand rate hikes, not cuts.
Bond yields across the curve are signaling that the Fed needs to hike rates, not cut. The 2-year yield is near 4% and the 10-year at 4.44%, well above the fed funds rate of 3.62%. The market is repricing rate expectations higher, and inaction would mean failing to achieve the 2% inflation target, which has not been met for over five years. This implies bond prices will fall further as yields rise.
2-Year US Treasury Note TLT HIGH
Jose Torres Chief Economist, Interactive Brokers; Visiting Professor, CUNY 11:10
Volatility may spike; retest of lows possible.
The market is set for a resurgence of volatility due to upcoming events: NFP release, CPI data, and the start of Kevin Warsh at the Fed on May 15. Combined with renewed Middle East tensions, this could lead to a retest of market lows. The current all-time highs are fragile and not supported by the rate environment.
SPY MED
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This 3PRO TV (삼프로TV) video, published May 10, 2026, features Jose Torres discussing 2-Year US Treasury Note, TLT, SPY. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jose Torres  · Tickers: 2-Year US Treasury Note, TLT, SPY