Rai Wealth Management

Why It Matters

A letter on equities, rates, currencies and commodities. Abhineet writes it on a Sunday and it lands on Monday morning. Every figure carries its own date and its own source, and the whole issue is free to read.

Written by Abhineet Rai Mondays, 08:00 UK About a five-minute read

Latest issue · Monday 19 October 2026

Tech sells off, London rallies, and nobody's circumstances changed much

A tech-led slide erased a trillion dollars of US market value in a day while London had its best week in six months on defensive stocks. Neither move was about new economic facts so much as who was already holding what.

The week in figures

Each figure as at its own date · sources in the issue

Bank Rate 3.75% Unchanged15 Oct
ECB refinancing rate 2.65% Unchanged16 Oct
Fed funds target 3.75–4.00% Unchanged15 Oct
UK 10-year gilt 5.38% −2 bps14 Oct
US 10-year Treasury 5.09% −15 bps16 Oct
US 2-year Treasury 4.74% −6 bps16 Oct
GBP / USD 1.3335 +0.9%16 Oct
GBP / EUR 1.1850 +0.4%16 Oct
Brent crude — Unavailable
UK CPI inflation 3.1% +0.2 pp31 Aug

The same AI-financing worry has been sitting in plain sight for months

The headline move this week was the fall in US technology shares, led by companies that build or finance AI infrastructure. CoreWeave fell roughly 12% on Friday and about 25% over five sessions, and its bonds sold off hard enough that yields on them rose above 15%. The worry behind it is not new: that data centre operators have borrowed heavily against revenue that depends on AI products turning profitable before the debt comes due.

Read issue 10 in full

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Earlier issues

Newest first

  1. Issue 9 · Monday 12 October 2026

    Bond yields spike, equities shrug it off

    Gilt and Treasury yields spiked hard, then eased, while equities in the US, UK and India all rose.

    UK 10-year gilt 5.43%US 10-year Treasury 5.24%Fed funds target 3.75–4.00%

  2. Issue 8 · Monday 5 October 2026

    Oil jumps, jobs miss, and bond yields do the deciding

    A weak jobs report lifted stocks while oil and bond yields kept climbing, telling two different stories.

    Brent crude $113.96US 10-year Treasury 5.28%Bank Rate 3.75%

  3. Issue 7 · Monday 28 September 2026

    Bond yields jump again, and equities shrug it off

    Bond yields hit multi-year highs while equities in New York and London closed the week higher.

    US 10-year Treasury 5.17%UK 10-year gilt 5.29%Brent crude $114.89

  4. Issue 6 · Monday 21 September 2026

    Central banks all raised or held, and markets shrugged

    Central banks moved as expected this week; equities and gilts moved on the parts that were not.

    Brent crude $130.80Fed funds target 3.75–4.00%UK 10-year gilt 5.24%

  5. Issue 5 · Monday 14 September 2026

    Oil, gilts and a hot CPI print push yields to a 19-year high

    Gilt yields hit a 19-year high as oil spiked on US-Iran strikes; equities fell, then partly recovered.

    UK 10-year gilt 5.19%Brent crude $109.51Fed funds target 3.50–3.75%

  6. Issue 4 · Monday 7 September 2026

    Oil jumps on Iran, gold falls on jobs, and gilts do both

    Oil surged on Iran strikes, gold fell on US jobs, and gilt yields hit an 18-year high.

    Brent crude $96.02US 10-year Treasury 4.78%UK 10-year gilt 5.17%

  7. Issue 3 · Monday 31 August 2026

    A hawkish word from Jackson Hole moved more than a rate did

    A hawkish Fed speech erased most of Nvidia's rally without a single rate actually moving.

    Fed funds target 3.50–3.75%UK 10-year gilt 5.01%Brent crude $88.24

  8. Issue 2 · Monday 24 August 2026

    Bond yields, not central banks, ran the week

    Bond yields rose on hawkish Fed minutes and a Treasury buyback move, lifting gold and unsettling equities.

    UK 10-year gilt 5.04%US 10-year Treasury 4.74%US 2-year Treasury 4.24%

  9. Issue 1 · Monday 17 August 2026

    Cheaper oil, dearer gold: markets can't agree on the risk

    Equities rose on soft US inflation while oil and gold both jumped on Middle East risk.

    Brent crude $93.26US 10-year Treasury 4.68%UK 10-year gilt 4.94%

Risk warning and disclosure

Your capital is at risk. The value of investments and any income from them can fall as well as rise, and you may get back less than you originally invested. Past performance is not a reliable indicator of future results. Tax treatment depends on your individual circumstances and may change.

This is not advice. Why It Matters is general market commentary. It contains no recommendation and takes no account of your circumstances, objectives or holdings. Nothing in it should be read as a suggestion to buy, sell or hold any investment. See the full risk warnings and disclaimer.

How the letter is prepared. The research and first draft of each issue are produced with AI assistance from primary-source data. Every figure is checked against its source before publication, and the commentary and the whole issue are reviewed, edited and approved by Abhineet Rai before it is sent.

Regulatory information. Rai Wealth Management Ltd is registered as a private limited company in England and Wales under company number 12318787. Registered office: 6 Westholme Gardens, Ruislip, HA4 8QJ, United Kingdom. Rai Wealth Management Ltd works under a Contract for Services Agreement with Maystone Capital Ltd, which is directly authorised by the Financial Conduct Authority under reference number 758412. Rai Wealth Management Ltd is not directly authorised and is not an Appointed Representative; all regulated activities are undertaken by Maystone Capital Ltd.