Don't tremble at the interest-rate tantrum (Lee Sun-yup) | Infomax Live broadcast, 2026/9/28

Lee Seon-yeop appears and says that high yields of 5.1~5.2% on 10 year bonds are a factor behind a short-term correction, but are not enough to reverse the trend, and that these rates are normal rather than a new normal. He says oil prices and geopolitical risks account for a substantial share of the increase of more than 1.3 percentage points from 3.9% at the beginning of the year, with bond issuance by AI companies also contributing, and that he does not see this as a reversal in the index's direction. He attributes the day's sharp decline to domestic factors, noting the absence of simultaneous declines in the United States, Taiwan and Japan, and identifies selling to avoid dividends and pension fund rebalancing as possible causes. He says these remain suspicions until Micron's earnings are confirmed. He assesses the US–China summit's stock-market impact as neutral, reads the 2 month extension of the Busan agreement as a signal that negotiations will continue, and explains the relief rebound in secondary batteries (2nd) and solar energy as a response to the failure to play the supply-chain card. He discusses the Fed's deliberations over rate increases in October (month 10) and December (month 12), conveys his agreement with Bill Ackman's argument for AI investment (the subtitles spell the name as Bil Ekeumeon), and says oil prices are ultimately the key. He views Iran's presentation of a softened proposal, the United States' rejection of it, and the maintenance of dialogue in the US–Iran negotiations as some progress. He says the Treasury is conserving its ammunition on buybacks, and that AI bonds are a supply-and-demand factor, so buybacks could work if their amount increases. He also mentions hedge funds at 9%, unmet conditions for the yen carry trade, and advice to wait and see. All directional outlooks are the speaker's conditional judgments, not definitive predictions of short-term prices.