The new UK Chancellor will have assuaged markets somewhat today, scrapping the bulk of Kwasi Kwarteng’s tax cuts, and announcing a significant reduction in the energy price guarantee. But the…
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This was a terrible CPI report for risk assets, as the 10-year Treasury yield topped 4%. There was a big ‘beat’ on the headline and core CPI prints. The acceleration…
The Bank of England has widened the scope of its daily gilt purchase operations to include the purchase of index-linked gilts after a surge in real yields on Monday. Once…
The drop in the jobless rate to 3.49% in September was the most important data point from Friday’s payrolls report. The unemployment rate is well below the Fed’s median estimate…
The US housing market has turned, abruptly. Despite a lack of inventory, the median price for existing homes is turning quickly. Ordinarily, this would signal a possible peak in US…
Local Government Financing Vehicles (LGFVs) initially bore the brunt of the deleveraging campaign in China and the crackdown on shadow financing. But since last year, local governments have once again…
The Citrix buyout debt sale is a warning for credit markets. Banks bore significant losses ($600 million) in a debt sale that will lead to a retrenchment in lending to…
