Geopolitical events
On June 8, 2026, the U.S. Government Accountability Office (GAO) released a report concluding that the "Department of Government Efficiency" (DOGE) initiative has failed to achieve its $2 trillion fiscal savings target, citing "negligible structural impact" from its algorithmic cost--cutting measures. The disclosure has triggered a significant sell--off in the sovereign debt market, with 10--year Treasury yields rising to 5.15% as investors recalibrate expectations for U.S. fiscal sustainability. This development, occurring alongside the "Warsh Fed's" hawkish monetary stance, has led to a 4.77% decline in the Nasdaq 100 and a strengthening of the U.S. Dollar against major currencies.