We have reached an important juncture on sovereign bonds. WTI crude has fallen back from its recent highs, and Chinese iron ore prices are sliding on growth concerns. The Philly…
The slide in cryptocurrencies has captured a lot of the headlines, but the bigger story is the rapid normalisation of real yields, the impact on corporate credit spreads, and the…
A ‘rare’ joint statement issued by the government and the BoJ on Friday expressed concern over the yen’s rapid decline. However, currency intervention will be pushing on a string if…
The rise in individual income tax receipts has been relentless, suggesting that the federal budget deficit for FY22 will significantly undershoot the CBO’s latest forecast of $1.036tr. Nevertheless, the CBO…
In its Spring Statement, the UK Government claimed that faster growth in tax revenues had given it headroom to cut taxes and assist households and businesses, to counter rising fuel…
The Bank of England faces significant potential losses on its balance sheet as it unwinds quantitative easing. However, higher interest rates are not the source of these potential losses. Failure…
The y/y for the consumption deflator in the US eased from 6.61% to 6.27% in April. The gap between headline CPI and PCE price index inflation has now widened to…
