The details of the most recent Quarterly Refunding were the catalyst for the slide in Treasury yields. A weaker ADP, and then payrolls, added to the rally. Nevertheless, primary dealers…
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Ultimately, the decision by the US Treasury to skew increases in issuance towards tenors which have less sensitivity to term premium increases, could backfire. The “meaningful deviation” from the historical…
Real yields in the US converge around 2.5%. Against this backdrop the policy mix in Japan remains untenable. The reaction to the change in the BoJ’s YCC was telling. The…
There is every chance the BoJ could raise the ceiling on 10-year JGB yields tomorrow. All eyes are focussed on the escalating situation in the Middle East. Inflows into US government…
The 10-year US Treasury yield crossed 5% for the first time since 2007 this morning. Globally, there is a concerted need to get the public finances in order, to put…
Prime Minister Kishida’s popularity is in freefall, and the measures taken by the ruling coalition to bolster support, may become more desperate. In response to rising prices, Kishida is weighing…
