Debt
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
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
Banque de France governor declares victory over inflation
Villeroy de Galhau says France has to “spend better” to reduce debt
Reflections on the international financial situation
Former IMF head Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’, causing strain in the eurozone and may result in stagflation
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
Navigating volatile markets: a rule book for fixed income investors
A framework that measures indicators to assess investment in US Treasuries, US credit, European debt and emerging markets debt
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
Central banks must rethink their accounting treatment of money
Biagio Bossone and Massimo Costa call for money to be accounted for as equity for the issuer and as a public asset for the economy
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
ECB intervention stabilised debt market during Covid – research
Study by bank’s economists says firms found it harder to issue commercial paper later on
Rate hikes have created debt-servicing difficulties – ECB study
Research also points to overall robustness in eurozone’s household lending sector
US life insurers more exposed to ‘risky’ debt than in 2007 – study
Fed research compares current situation to subprime exposure that preceded financial crisis
Credit delinquency rise may be due to home priorities – study
Consumers choosing to repay auto and home loans rather than credit cards, say authors
Trump 2.0 piles pressure on reserve managers
Speakers at Central Banking Spring Meetings discuss positioning, interventions and impact of lost aid
Bundesbank backs German debt brake reform
Next chancellor could try to push reform through before new parliament is sworn in
Bangladesh does not need to rely on IMF – central bank governor
Mansur says country needs to increase revenue if it is to address deficit
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
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
Rising corporate distress could trigger instability – IMF paper
Study says emerging markets particularly exposed as firms struggle with higher interest rates