Footnote Reader · Macro & Capital Research

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Government bond yields

Major exchange rates

01Frontier insights

Bonds & credit

A 131-Basis-Point Spread: The Euro Area Enters an Era of Fiscal Repricing

A 131-basis-point French–German bond spread highlights how national fiscal differences are being reflected in long-term sovereign borrowing costs.

2026/10/08

Energy & precious metals

Oil Exports Are Back to Prewar Levels. Why Aren't Oil Prices?

Gulf crude export volumes have recovered, but transport routes, costs and risk premiums have not. The export system remains central to the outlook for oil prices.

2026/10/07

Economic data

Why Outsourced Workers Count as Neither Layoffs nor New Hires

Outsourcing changes which employer reports a worker. Distinguish employment counts, job counts and job quality to understand the limits of labour market data.

2026/10/06

Monetary policy

After $2.2 Trillion of Balance Sheet Reduction, the Liquidity Buffer Is Shrinking

The Fed has reduced its balance sheet by about $2.2 trillion, and its overnight reverse repo cushion is nearly exhausted. Watch short-term funding rates for signs of strain.

2026/10/05

Bonds & credit

What Credit Spreads Reveal About Diverging Corporate Financing Conditions Abroad

High-yield and investment-grade credit spreads are diverging. Read them alongside benchmark rates to track financing pressure and its effects on investment and employment.

2026/10/04

Economic data

September’s Payroll Puzzle: Slower Hiring Does Not Mean Easier Monetary Policy

Payroll growth has slowed sharply, yet unemployment remains near the Fed’s long-run benchmark. A cooling labour market does not automatically remove the constraints on monetary policy.

2026/10/03