Biden Heads to Michigan, Jamie Dimon's Warning, Sell-off in Bonds: 3 Things to Know

President Joe Biden heads to Michigan to join striking UAW workers. He's not the only 2024 hopeful making the trip - Former President Donald Trump is expected to make an appearance Wednesday. Strikes continue at General Motors (GM), Ford (F) and Stellantis (STLA). Carnage in the bond market. The 10-year yield hit (TNX) its highest level since 2007 yesterday, lifting the dollar on its way up. The sell-off comes from investors spooked by the fed's 'higher for longer' message, who fear another interest rate hike is on the table before year's end. JP Morgan CEO Jamie Dimon (JPM) is warning that the u-s economy may not be prepared should the fed raise interest rates to 7 percent. The big bank leader told the Times of India, “going from zero to 2% was almost no increase. Going from zero to 5% caught some people off guard, but no one would have taken 5% out of the realm of possibility. I am not sure if the world is prepared for 7%.”

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video transcript

BRIAN SOZZI: Brian Sozzi, Yahoo Finance. Three things you need to kick off your market slash investing day right. First up, President Biden going to Detroit. Going to join forces with the UAW on the picket line. President Biden, of course, notorious car guy owning a classic Corvette. Also has dug the electric F-150. Unclear if Biden will be buying any parts for his car.

Number two, JPMorgan CEO Jamie Dimon warning about a worst case scenario for interest rates hitting 7%. Newsflash, if that actually happens, I'm never going to own a home, and maybe I won't be able to buy a new car because that would be, well, really high. And then number three, 10-year yields closing at a 16-year peak. What does that actually mean to your money and investing? Maybe more pressure on tech stocks. Maybe more pressure on markets. And yes, you still may never be able to own a home.

Fourth thing is a bonus. Former Vice President Mike Pence joining Yahoo Finance in the 10 o'clock Eastern Standard Time hour. A lot to talk about with the former vice president-- the strike, inflation in this country. He'll be sitting down with Yahoo Finance senior columnist Rick Newman, Seana Smith, Brad Smith-- no relation. Tune in. Mike Pence on Yahoo Finance.