The Market's 'New Normal' Is Changing... Time to Change Investment Criteria for High Rates and High Oil Prices | Myung Min-jun, Park Ga-young, Song Jae-kyung

시장의 '뉴노멀'이 바뀐다…고금리·고유가에 맞춰 투자 기준도 바꿀 때ㅣ명민준, 박가영, 송재경 [주린이 구조대]
Watch on YouTube ↗  |  September 16, 2026 at 13:30  |  43:02  |  3PRO TV (삼프로TV)
Speakers
Song Jaekyung — CEO

Summary

Song Jae-kyung of Dimension Investment Advisory argued that the market's old low-rate, low-inflation 'new normal' is breaking. He expects the Fed to hike more than once, long-term U.S. Treasury yields to move toward 6%, and oil to stay high or break prior highs because of Middle East supply disruptions. On AI speed-control fears, he said high-end semiconductor sellers such as Samsung Electronics and SK hynix should not be feared because a coordinated development pause is unlikely.

  • Fed rate-cut hopes give way to a possible hiking cycle.
  • Long-term U.S. Treasury yields may head toward 6%.
  • Oil supply disruptions could keep crude elevated through year-end.
  • AI speed-control debate is viewed as partly self-interested and unlikely to stop development.
  • High-end AI semiconductor hardware names are expected to remain resilient.
  • The guest warns investors to treat high rates and high oil as constants.
Ideas
Song Jaekyung CEO 5:11
10-year Treasury yield heads toward 6%.
Long-term U.S. Treasury yields are likely heading toward 6%, with 5% becoming the new normal rather than a crisis level. Nominal GDP growth is running around 6.56%, and in the pre-2008 old normal 10-year yields traded above nominal growth; the low-rate new normal of the past two decades is ending.
U.S. 10-year Treasury yield HIGH
Song Jaekyung CEO 5:42
High oil likely persists, may break highs.
Oil prices are likely to stay elevated and could break the April high because supply disruptions around Hormuz, the Red Sea, Saudi exports, and the East-West pipeline have tightened physical crude markets. Iran has the initiative and benefits from high oil to pressure Trump before the U.S. midterms, so high oil should be treated as a constant through year-end.
BNO WTI HIGH
Song Jaekyung CEO 11:10
Fed rate hikes likely continue, not one-off.
The Fed is likely in a hiking cycle, not a one-off move. Sticky inflation, especially PCE running above CPI, oil-driven price pressure, and AI-capex-related inflation argue for more tightening; historical cycles since the 1990s averaged about eight hikes, and the market is pricing roughly four hikes through June next year.
Fed Funds Rate HIGH
Song Jaekyung CEO 27:32
AI speed-control fears overdone for chipmakers.
The AI speed-control debate does not change the outlook for high-end AI semiconductor hardware sellers. Incumbents may want a development pause ahead of IPOs, but open-weight models are catching up and a prisoner's dilemma makes a coordinated global stop unlikely; therefore Samsung Electronics and SK hynix should not be feared on this issue.
005930.KS 000660.KS HIGH
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This 3PRO TV (삼프로TV) video, published September 16, 2026, features Song Jaekyung discussing U.S. 10-year Treasury yield, BNO, WTI, Fed Funds Rate, 005930.KS, 000660.KS. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Song Jaekyung  · Tickers: U.S. 10-year Treasury yield, BNO, WTI, Fed Funds Rate, 005930.KS, 000660.KS