Bonds
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
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