During COL Financial's midyear market briefing, we said that the Philippine market has what it takes to outperform the US market. Unfortunately, all the risks to our bullish view materialized the past month. The recession of the US economy continues to face delays. In fact, gross domestic product (GDP) growth in the second quarter reached 2.4 percent, outperforming the consensus forecast of 2 percent. Because of this, US bond yields increased across the board as strong economic growth numbers raised the likelihood the Fed would stay hawkish and either raise rates or keep them elevated.

https://business.inquirer.net/418008/no-catalyst-to-go-up

#inquirer