Bonds
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of Fed rate cuts see investors trim ‘consensus’ trade
BoJ board member says rate rises likely
Naoki Tamura predicts tightening of policy as economy improves
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
BoJ holds rates, plans to slow bond purchases
Central bank keeps policy rate at 0.5%, will reduce JGB taper from next year
BoE analysis sparks debate over reuse of repo collateral
Central bank policy analyst contends reuse of collateral may amplify volatility in repo rates
BoJ advised to slow or maintain JGB tapering pace from 2026
Bond traders satisfied with current plan but disagree on future balance sheet policy
Stablecoins impact US Treasury yields – BIS paper
Sector’s continued growth could affect monetary policy transmission, authors say
Leverage ratio reform: the good, the bad and the Treasury
A simple cut would be less likely to stoke interest rate risk than exempting US government bonds
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
BoJ official sees no need to act against rising JGB yields
Bond taper plan should continue as price movements not disruptive, board member says
IMF officials call for central clearing of sovereign bonds
“More work needed” to enhance structural resilience in core markets, researchers say
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Sarb official warns of risk in RSA sovereign bond holdings
Banks must consider interest rate risk when buying South African government debt, head of stability says
ECB says tariff shocks ‘continue to reverberate’
Stability review says risk of slowdown has “increased markedly”, though banks are better placed than in 2008
BIS’s Shin points to ‘profound structural shift’ in global markets
‘Hidden’ $113tn FX swaps market reflects sovereign bonds’ ascendency
Rate expectations influence BoJ’s yield control – paper
Bond purchasing programme less effective when market unsure of future monetary policy path
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
Fed official: SLR tweaks likely unbundled from Basel III
Complexity of endgame proposals means any leverage ratio changes will probably be proposed separately
BoE to consult on promoting clearing for gilt repo market
Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting
Ex-BoE official calls for active monetary response to gilt shocks
Clear framework needed to address government bond market volatility, Sushil Wadhwani argues
Time to worry about Japanese debt?
The transition to positive rates means Japan may need to re-examine its huge public debt burden, argues Sayuri Shirai
Pension funds hesitate over BoE’s buy-side repo facility
Reduced leveraged and documentation ‘faff’ curb appetite for central bank’s gilt liquidity lifeline
Trade tensions could fuel further drop in asset prices – IMF
Global financial stability report also calls out highly leveraged non-banks