Last week’s sharp move higher in US bond yields was indicative of the risks that are developing in markets. They prompted a cascade of commentary on ‘Treasury basis trades’, ‘swap…
Successive administrations have repeatedly delayed the necessary changes, and short-term pain, required to get a grip on the public finances. Tariffs are one policy tool that could, if implemented correctly,…
Treasury Secretary Scott Bessent continues to reiterate his intentions to lower 10-year US Treasury yields. But attempts to jawbone Treasury yields lower will only work so far. Contrary to the…
DOGE claims to have saved $115bn so far. But the true figure is closer to just $10bn. It is hard to take claims for deficit reduction seriously, when DOGE is…
Germany’s break with fiscal conservatism is a watershed moment. The ramp up in defence and infrastructure spending, and the loosening of fiscal rules to accommodate this, will be an important,…
