Global Interest Rates
Global Long-End Yields Surge as Fiscal Risks Drive Structural Repricing
Global bond markets are now confronting a structural repricing of fiscal risk, with the long end of...Read more
Political Risk Premium Fuels Treasury Curve Steepening
The attempted firing of Federal Reserve Governor Lisa Cook by President Trump has injected a new la...Read more
NOB Spread Steepening Signals Structural Reset in Long-End Rates
The widening of the NOB spread—the relative steepening of the 30-year yield over the 10-year yiel...Read more
Front-End Inflation Pricing at Odds with Rate-Cut Bets Signals Tactical Breakeven Opportunity
Market-implied signals for U.S. inflation and interest rates are now diverging to a degree rarely s...Read more
Expansion of Treasury Buyback Program Prompts Debate Over YCC Implications
The U.S. Treasury’s July 2025 quarterly refunding announcement maintained the status quo on coupo...Read more
Navigating a Bond Market at a Crossroads
The current bond market presents a delicate balancing act between opportunity and risk. Despite a l...Read more
Credit Markets Face Growing Liquidity Pressures Despite Resilient Spreads
Credit markets have demonstrated impressive resilience in recent years, repeatedly rebounding from ...Read more
Foreign Demand for U.S. Treasuries Shows Early Signs of Strain
The April Treasury International Capital (TIC) data warrant close monitoring, as foreign demand for...Read more
Fed Proposal to Ease eSLR Could Be Tailwind for Treasury Market Liquidity
The Federal Reserve’s decision last week to advance a long-anticipated proposal to ease the enhan...Read more