Asia open: Trump-Xi summit disappoints, inflation fears fuel bond yield surge

Global bond rout deepens as inflation fears mount

Reuters reports Jerome Powell has been named Fed Chair Pro Tempore until Kevin Warsh is sworn in.

Jeffrey Gundlach, dubbed the 'New Bond King,' predicts that inflation will reach the '4% range' and that the Federal Reserve is unlikely to cut interest rates, signaling a prolonged period of higher rates.

Gundlach warns that inflation, fueled by a commodity boom, could compel the Fed to raise interest rates.