11 September 2026
The world’s benchmark borrower is also its biggest external debtor. Bond investors have long treated that as America’s privilege. They may come to treat it…
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10 September 2026
Major developed economies are increasingly devoting substantial resources to servicing sovereign debt, challenging the assumption that developed market government bonds are inherently lower risk. In…
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08 September 2026
We see contrails all over our skies, the white condensation trails produced by jet engines. The environmental problem is that contrails are responsible for approximately one third…
07 September 2026
Key events this week include the ECB’s rate decision (Thu) and China (Wed) and US inflation data (Thu and Fri). Today, eurozone GDP will be…
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The new government led by Mr Burnham has raised Labour’s poll ratings a little and has revived media interest in what changes it might put through. Both the voters…
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World Market Summary
The odyssey continued for market participants in July, as the weak seasonality of the summer months continued to be the Achilles’ heel for market momentum, with…
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31 July 2026
The Federal Reserve did not raise interest rates this week. The bond market tightened policy anyway.
The Federal Open Market Committee left the federal funds rate…
The EU seeks more defence as it struggles in a hostile world
29 July 2026
The Irish Presidency of the EU runs for the second half of 2026. It…
Macro
Economic data in the quarter provided a complicated backdrop for the Federal Reserve (Fed). US core Personal Consumption Expenditure (PCE) hit the highest level since 2023 at 3.4%,…
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World Market Summary
As the World Cup commenced, markets paused for hydration in what was a very strong half (year) of performance. Both the South Korean national team and…
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