Asset markets struggled last week with all major international indices losing value.
Asia fared the worst with the CSI300 falling by 4.17 per cent along with the Hang Seng dropping by 3.6pc.
The US S&P500 and NASDAQ experienced five consecutive days of negative returns and finished the week down 2.39pc and 3.16pc, respectively.
European equities also struggled with the Euro Stoxx 600 falling by 3.60pc and England's FTSE100 dropping by 2.60pc.
Closer to home, New Zealand's NZX50 fell by 2.51pc and the ASX200 finished on Friday down 2.13pc over the week.
On Monday this week, the US 10-year treasuries hit an intra-day high of 5.0187pc before falling back to 4.85pc at close.
With US 10-year treasuries hitting 5pc for the first time since 2007, several celebrity investors' comments gained national attention.
Famed hedge fund manager Bill Ackman tweeted that he had closed his short position on bonds, potentially signifying that he believes yields have hit their peaks.
He also noted "the economy is slowing faster than recent data suggests". PIMCO founder Bill Gross also made some comments.
He tweeted that "regional bank carnage and record rise in auto delinquencies to long-term historical highs Indicate US economy slowing significantly".
Gross also mentioned that he believes the United States will see a recession by Christmas.
Federal Reserve Chair Jerome Powell spoke at the Economic Club of New York last week.
His comments were supportive of recent sentiment from his colleagues that the Federal Open Market Committee is likely to keep rates unmoved in November.
Powell said while policy was restrictive there still may be further tightening in the pipeline.
He also noted above-trend growth and tightness in the labour market could "put further progress on inflation."
Last week also saw third quarter growth data out of China which exceeded most expectations.
Retail sales improved against last quarter jumping to 5.5pc and quarterly real GDP growth rose to 1.3pc.
Overall, the data was an improvement for the world's second largest economy which has struggled in recent months.
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