Yield curve
Treasury buyback risks a (collateral) chain reaction
Rebalancing of bond tenors could stretch collateral links to breaking point, argues economist
Market reforms are about boosting policy transmission, says CBN
Changes brought in by Nigerian central bank enable individual investors to participate in OMOs
Yield curve data can improve estimates of r* – IMF paper
Results suggest r* has risen and help explain ‘soft landings’ after inflation surge
Federal Reserve holds rates with three members dissenting
Hammack, Kashkari and Logan push for 25bp rise in what FOMC chair says was a collegial ‘family fight’
Juha Park on the BoK’s updated monetary policy framework
Bank of Korea’s head of monetary policy communication says pre-Shin updates align with new governor’s thinking
Trends in reserve management 2026: survey results
101 central banks, responsible for $9.5trn+ reserves, reveal exclusive data on FX interventions, if the US dollar is still seen as a safe-haven currency and approaches to investing in 20+ currencies
Reserve managers weigh tactical response to Middle East conflict
Some make case for ‘nimble’ duration management, but others say uncertainty is too high
YCC, carry trades and the changing role of the yen
Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials
Financial services: Citi
The US bank has striven to provide clients with high-level advice as well as service breadth, technical expertise and execution
Yield curve ‘steepening’ best seen as normalisation – ECB study
Long-term borrowing costs surged but overall structure ‘not in an unusual shape’, say economists
Sticky fears about sticky inflation
Survey finds investors are not yet ready to declare victory on inflation – with good reason
How Bessent learned to stop worrying and love the T-bill
Short-dated issuance shows no signs of slowing. Some fear it could end badly.
Ueda may feel he is behind the curve – ex-BoJ official
Hayakawa points to inflation risks from high public spending and predicts up to four more hikes by 2027
PBoC to resume open market China bond trading
Analysts expect purchases by central bank to support liquidity and government fiscal policy
Local bond markets seeing more domestic investors, IMF says
But EMDEs must be mindful of growing sovereign-bank nexus as foreign investors depart, latest GFSR chapter notes
Central banks modestly increased duration in past year
Some changed duration due to tariff impact, but not all in the same direction
Elizabeth McCaul on supervision, new macro-dynamics and investing in suptech
Former ECB Supervisory Board member speaks about Covid-19 and Credit Suisse shocks, regulation debates, the rise of non-banks and what makes tech projects succeed
Fed independence concerns raising risk premia – research
Authors of BBVA study say long-term yields briefly spiked amid rumours that Trump would fire Powell
Yield curve affects banks’ ability to lend – Boston Fed study
Central banks should consider effects when calibrating balance sheet policies, say authors
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone