The Treasury starts buying back its own debt
Off-the-run buybacks improve depth
Markets & Finance
Bonds, stocks, currencies, credit and commodities: the latest analysis of financial markets.
The Fed slows its balance-sheet shrinking
Slower runoff delays reserve scarcity
Meta spends more, investors flee
Capex raise without revenue guide
The market gives up on rate cuts
Curve removes 2024 easing
Bank profits hold up in a higher-for-longer world
Asset repricing offsets deposit costs
How far will Japan let the yen fall?
Threshold ambiguity as deterrent
Japan raised rates. The yen fell anyway
Carry dominates signalling
The Fed's banking lifeline expires
Loss of par collateral facility
Capital One's real prize in Discover: the network
Closed-loop network captures interchange
Office loans are going bad
Extension risk in conduit deals
Nvidia adds $277bn in a day
Single-stock shock as factor event
A hot inflation report hits short-term bonds
Front-end reprices cut timing
Special Report
Lunar New Year: China's stock market can't escape falling prices
Price deflation depresses earnings
The Treasury promises no more surprises
Forward guidance on coupon sizes
Banks pay the bill for last year's failures
Deposit-insurance recapitalisation charge
Banks borrow from the Fed to earn more from the Fed
Facility rate below IORB
Seven stocks, almost a third of the market
Index weight concentration as systemic risk
Special Report
New Year: Markets want six rate cuts. They'll be disappointed
Market path vs committee
Special Report
Boxing Day: The year-end squeeze in money markets
Bank balance-sheet shrink at year-end
Japan is the last to keep rates below zero
BoJ delay sustains yen carry
Can the Fed really cut six times?
Market path vs committee reaction function
Companies rush to borrow before rates fall
Issuers term out as spreads tighten
The great bond rally
Positioning squeeze drives duration rally
Special Report
Black Friday: Retailers finally have the right amount of stock
Lean stock restores margin
Special Report
Thanksgiving: Bond investors finally have something to be thankful for
Duration rally eases conditions
Moody's warns on America's debt
Rating drift as slow-moving term premium
Are financial conditions tight or loose? Depends who you ask
FCI weighting drives easing signal
The Treasury borrows less than feared, and bonds soar
Supply surprise drives duration rally
The Treasury blinks
Issuance mix shifts to bills
Alphabet spends more, grows less, and pays for it
Deceleration plus capex compresses multiple
The bond vigilantes are back
Weak bid-to-cover signals demand gap
The 10-year hits 5%. Why now?
Three-way yield decomposition
China's hidden local debt problem
Hidden local debt rolled via special bonds
Banks' profit peak is here
AOCI drag vs rising funding costs
After the Hamas attack, the rush to safety faded fast
Geopolitics vs supply overhang
Strong jobs, falling bonds
Strong data raises real yields
Long bonds are selling off for a new reason
Supply, not policy, lifts long end
How weak will Japan let the yen go?
Pace, not level, triggers intervention
Special Report
Labor Day: The job market is cooling the right way
Vacancies fall without unemployment spike
Bonds finally pay more than inflation
Positive real yields compress equity premium
China's prices are falling. Its currency could be next
Strong-side CNY fixings resist depreciation
Why long bonds pay more — two very different answers
Model specification drives decomposition
The Treasury needs more money, and companies will feel it
Treasury duration supply raises IG cost
America loses its AAA again. Does it matter?
Governance premium, not default risk
Why banks are selling their best loans
Capital relief via asset sales
