Bonds
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
Inside the week that shook the US Treasury market
Rates traders on the “scary” moves that almost broke the world’s safest and most liquid investment
Global liquidity flows less sensitive to risk – NBER paper
Capital flows are more stable despite shift into bonds since global financial crisis
Fed ‘absolutely’ prepared to stabilise markets, says Collins
Head of Boston Fed says bank ready to deploy tools as and when they are needed
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