Bonds
Trade tensions could fuel further drop in asset prices – IMF
Global financial stability report also calls out highly leveraged non-banks
Market turmoil causes BoE to reschedule long-dated bond sale
Change to QT plan comes after tariff uncertainty triggers surge in UK government bond yields
US Treasury volatility highlights repo market risks
Yields spiked overnight as tariffs came into effect, piling pressure on heavily leveraged hedge funds
Trade fragmentation could depress growth – BoE
Volatility has increased “significantly” though market functioning remains “orderly”, FPC says
Ueda reaffirms BoJ’s exit from controlling long-term rates
Governor says surging bond yields are natural reflection of market expectations
Protesters occupy Irish central bank headquarters
Pro-Palestinian activists oppose institution’s involvement in sale of Israeli bonds
Issuing green bonds signals firms’ intent to cut emissions – BIS study
However, instruments are no panacea when it comes to tackling climate change, research says
Rising long-term yields reflect uncertain sentiments – BIS
Latest quarterly review highlights diverging trends in bond, equity and corporate credit markets
RBI injects billions into liquidity-strapped financial system
Analysts say decision points to rate cut by India’s central bank in February
Czech governor wants central bank to add bitcoin to reserves
Michl to make proposal to CNB’s board, while recognising cryptocurrency “bubble” could burst
Beyond the benchmark: redesigning emerging market debt allocations
Franklin Templeton analysis shows popular EMD indexes are limited by their focus on the largest and most developed countries in the world, resulting in unattractive spreads and limited risk diversification
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
HKMA’s renminbi repo plans boost hopes for onshore access
Market participants optimistic that new provisions for offshore repos of onshore bonds are first step towards mainland access
PBoC suspends government bond purchases
China's central bank moves after “persistent excess demand” causes yields to hit record lows
Accounting for banknotes
Three leading experts on central bank finances debate the appropriate treatment of currency
Madagascar’s governor on targeting M3 over inflation
Central Bank of Madagascar head Aivo Andrianarivelo speaks about introducing an interest rate corridor, diversifying from dollars to gold, using instant payments to bolster inclusion and drawing on IMF sustainability funding
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
Required reading amid current high sovereign debt, global tensions and the urgent need for climate finance
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
The Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, building new models and ending interest payments on minimum reserves
BIS highlights market ‘uneasiness’ over bond issuance
Claudio Borio says fiscal outlook worldwide is “acutely worrying”
Central Bank of Ireland defends Israeli ‘war bond’ approval
Critics say bank is complicit in funding genocide, but governor says it is bound by law
HKMA subsidises tokenised bond issuances
Issuers can receive up to HK$2.5 million each for maximum of two issuances